Bankers Petroleum (BNK.TO) Buy, Sell or Hold

Bankers Petroleum (BNK.TO)

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COMMENT

Heavy oil play in Albania. Caller has warrants due to expire and is thinking of selling those, waiting for a downturn in shoulder season and then picking up longer-term warrants 2 years out. Answer: A reasonable strategy as the stock price is fairly valued at this level. Currently producing about 6400 BOEs a day and ramping up to 8200 by year-end. Wouldn't rush out and buy the stock today.

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BUY ON WEAKNESS

(Market Call Minute.) Has had a fantastic run.

BUY

Has done exceptionally well and have great leverage to the price of oil. Operationally it is one of those “develop and sell” companies and believe it will be sold in the next couple of years at a higher valuation.

BUY ON WEAKNESS

Albanian heavy oil. Had a fairly significant pop in the last little while. If you own, consider selling and buying back on a pullback.

BUY

(Market Call Minute.) Great management team.

BUY

Oil in Albania. Have some good low-risk reserve additions. Not a bad entry point if you are bullish on oil, which she is.

DON'T BUY

Had a 36% drop in one day last October. We are at that point again. If it can get above that level it would move higher but right now it is not doing that. Has formed a “cup and handle”. Has lost a lot of its forward momentum.

WAIT

He likes this one. They don’t make much at these oil prices. Probably wont do anything short term on the up side until oil increases. Has s good balance sheet.

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BUY

(Market Call Minute.) Great management but at $50 oil it's at a breakeven point. If oil goes down, there are risks. Thinks the company would like to sell themselves so he kind of likes it.

WAIT

Producing about 6300 BOEs a day in Albania. Working on old oil fields with very low recovery using modern technology. Low gravity crudes so at $40 oil they don't make any money. At $50 they will and make a little bit. At $75 they make a lot.

BUY

Management has a great track record and company is incredibly well managed. Have a loan where money is released contingent on oil prices. As oil prices gets over $50 they will be open to start drilling again. Speculative.

PAST TOP PICK

(A Top Pick Feb 12/08. Down 34.7%.) Sold at a profit. Have just upgraded total resources in the ground to 4 billion barrels but recovery will cost $40-$50. Long-term, it is extremely attractive.

HOLD

Albanian oil. Produce about 7000 BOE's a day. About $18 million in cash. Have about $20 million in debt with a $35 million line of credit. Drilling is going very well. Good inventory of projects. Good hold for the next couple of years. Inexpensive.

BUY

Albania oil play. Company just reported that they will live within their cash flow. Did 5,880 barrels of oil, up from 4,789 the year before. Running rate is about $.32 in cash flow so is trading at about 3 X cash flow. Looking to more than double production in the next 2 years. Cheap.

PARTIAL BUY

Company has done everything right. There is an indication that they may not spend as much money in this environment. Operations are fine, fields are fine, management is great and everything is in place. Thinks the NAV is well in excess of the current price. Shipping away at it.

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Bankers Petroleum (BNK.TO)