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

Bankers Petroleum (BNK.TO)

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BUY

Had 34 % increase in reserves. Waiting to see if contingent reserves can be proved economical, in which cash this thing would move higher.

TOP PICK

Biggest onshore oilfield (5 billion barrels) in Europe and have only recovered 3%. Current stock price means you can recover another 2%-3% while in Western Canada they expect 15% recovery so there is a lot of upside left.

SELL

World-class field in Albania. Has had a heck of a run and is trading at about 160% of net asset value. If you own, consider taking your profits.

BUY

Tremendous win for him. It is exclusive access to two key fields in Albania. Recovery to date has been 3%. Tremendous room to take North American advances for more recovery.

HOLD

Has done very well but still sees upside. There are some further drilling results coming that will be a strong performer for the company.

HOLD

(Market Call Minute.) Has been a good one.

SELL

Production numbers have not come on as quickly as expected. Production profile is down, not up, which is what you want to see. It is trading at an expensive price. Market s looking at reserves in the ground and is doing horizontal drilling. You want to take some profits.

BUY

Split the Albanian heavy oil and the shale gas in the US into BNK Petroleum (BKX-T). Everyone wants to play the Albanian heavy oil because of a possible takeover.

COMMENT

Had a good run but there is still room. Patos-Marinza, their main asset, is a huge oil play of 5 billion barrels. All they have to do is move the recovery factor up, which can be done by more infill drilling, putting more capital in, steam flooding, etc. Great M & A target. If you own, you can take some money off the table and waited for a pause to come back in.

HOLD

Good name. Gets 50%-60% of Brent (?) so it gets world prices for its heavy oil in Albania. Has had a good run so over the next 6 months his outlook would be sideways. Some upside but not tremendous. Good long-term hold.

BUY ON WEAKNESS

Very technically oriented team with a great track record. Have an operated access to 2 key heavy oil fields in Albania, one of which has total oil in place of about 4.7 billion barrels and a very low recovery factor to date. A lot of visible growth to come.

HOLD

This is a stock you cannot judge by cash flow multiple. You buy by what the management team can do with the asset as they have done before. They have a lot of old equipment that is being overhauled. The cash flow will come in eventually. Take half if the quadruple has made it overweight in your portfolio.

PARTIAL BUY

Good team. Great asset in Albania. She doesn't own it right now but hopes to start picking at it in a little bit. Reasonable price.

BUY

Heavy oil in Albania. Good management has proven their expertise in heavy oil by how they have developed the assets in Egypt. Some of their wells are producing better than expected. Takeover possibility.

BUY ON WEAKNESS

Heavy oil project in Albania. Good management. Having good success with some of their horizontal wells that can do 150 to 160 BOEs a day but generated only $0.03 in cash flow or $0.12 annualized. Most companies trade at 4 or 5 times cash flow so trading way above what they should be.$2.80 or lower would be his entry point.

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Bankers Petroleum (BNK.TO)