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Opinions Glenn MacNeill, P.Eng.
Highpine Oil & GasHPX.TOBUYNov 30, 2005
Has a huge slate of about 60 drilling prospects. They need all their cash flow in order to drill all those wells, so don't expect they will be trusting any time in the near furture. If they get a hit, the wells are very prolific.
$22.00
Stock price when the opinion was issued
oilgas
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STRONG BUY
Some interesting drilling prospects. Far too cheap to not be owned. Trigger to sell is when they get drilling success. If they keep delivering on a quarterly basis, then valuations should tend toward peer group average.
Andrew McCreathOwned
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BUY
Very cheap gas company. Didn't participate in the big upswing. Was disappointing over the last couple of years. Debt is okay and production is okay. Worth owning because it is so cheap.
Peter HodsonOwned
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BUY
Just came out with their Q1 and shot the lights out. Probably the cheapest 20,000 barrels of oil a day you are going to find. Part of the overhang has been that they went in for quite some time without a president. Also went through period where it was difficult for them to get licenses, as most of the oil they produce is sour. Trading at 2.5X cash flow.
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HOLD
Penalized really hard with the Alberta royalty review. Recent changes will not affect them. She can calculate an NAV that is a little higher than today's price. Initial indications on the new president is that he is strong. If they can keep production levels up in Q2 there might be renewed interest in the company. Small to medium chance of a bounce.
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