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

Bankers Petroleum (BNK.TO)

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DON'T BUY

Has potential of 40,000 BOE’s a day and they have a production target of 20,000 by the end of the year but this is hard to do so it’s an execution risk. They need a high oil price and north of $80 is great for them so if the price falls, because of China or something, it could hit them hard.

SELL

Been bearish on this one for a long time. Have done a good job in Albania developing the resource but have had enthusiastic and high expectations on how well they are going to do. Way behind on their numbers. His target is $6.25.

STRONG BUY

Really likes this one. A total no brainer if you are a bull on oil prices. Sitting on a multi, multi billion heavy oil field in Albania. Game plan is to prove up reserves, grow production and sell the company. Worth $14 a share on $100 oil.

DON'T BUY

Hasn’t been a big fan of this stock. It’s fairly priced if not overvalued. On a NAV basis it looks fairly valued, but they keep missing on their production numbers. If it started to move higher he might be on the short side of this stock.

DON'T BUY

A lot of these things have been selling off. It doesn’t look unusual. The average price is about $6.80. He would avoid it and wait and see. A loss of momentum. $7.30 is possibly a leveling point and you might see support there.

BUY

Street was disappointed. Expectation was for higher reserves. She doesn’t think there is a lot more downside. She would be looking at it as a buying opportunity. If management starts to buy stock, street will have confidence in management.

SELL

Located in Albania, which is having disruptions between political parties. Very expensive on a flowing BOE basis. A massive amount of reserves there. Should have been doing 20,000 BOEs a day now so stock is over fair value.

PAST TOP PICK

(A Top Pick Feb 8.10. Up 59.89%.) Still likes.

TOP PICK

Increasingly bullish on oil prices and this is a great way to play as it is low risk name in an Albanian field that was discovered in 1929. Looking for a 20% increase.

DON'T BUY

Bankers Petroleum (BNK-T) in Albania versus Gran Tierra (GTE-T) in Colombia? From a political standpoint, Colombia is more stable but his choice here would be Canacol Energy(CNE-X)and Estrella (EEN-X). Albania is starting to get political protests.

DON'T BUY

Expensive. Getting to about 4.5-5 times Book Value. Most of the oil companies are probably under 2X book. Unless you like a lot of risk, there are others he would rather be in.

BUY

Stumbled a little in the last 6 months or so but it has a ton of potential. Field it is developing is well known and has been well explored and are doing some development drilling there. Just deal a deal with a local refinery for a fixed price based on Brent crude.

TOP PICK

Top Short Pairs trade. - Long Sea Dragon (SDX-X) and Short Bankers Petroleum (BNK-T). 2 companies with similar strategies. They are essentially applying new western drilling techniques to known overseas’ basins that haven’t used them before. This company has been active in Albania for about 5 years but had some production disappointments recently. Seadragon is doing the same in Egypt where they have very good connections.

TOP PICK

Likes big oil fields which this is and in a fairly stable part of the world, Albania. 6 Billion barrel field. Have only extracted about 3% of the oil in play.

BUY

Recently announced production was flat quarter over quarter but people are holding it expecting strong production. Well established field in Albania that had previously been drilled so there is a lot of core data. Expect a major will ultimately take it out.

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