John Stephenson
Oilexco Inc
OIL-X
BUY
Feb 08, 2008
A good name. They knocked against it has been that it had a short reserve life. In the last year, they have proven up a couple of new fields in the North Sea which gives you $50-$60 netback/margin versus $26 in Alberta.
(Top Pick Apr 4/08 Down 99.20%) Got into a debt problem. Company got blindsided by the storm. Management is trying to resurrect company. If Chrysler can come out of bankruptcy, then so can Oilexco.
(A Top Pick June 3/08. Down 99.59%. Has moved to a different investment firm.) Had a stop loss of $11 so would have been down 31%. Company is now bankrupt.
Has potentially blown up in bankruptcy. If you own, take your losses and move on. You could also talk to a stockbroker to see if there is any “over-the-counter” trading. If so, Sell.