Bill Harris, CFA
PetroFrontier Corp
PFC-X
STRONG BUY
Mar 24, 2006
Loves the management and the projects they are in. Unfortunately it's in Venezuela but the market is discounting far more risk than what they're really is.
(A Top Pick Sept 1/06. Down 28.3%.) Has been terrible. They have an ongoing business and he is continuing to Hold. Trading at slightly more then 4 X cash flow under basic production.
Risk/reward is very attractive. Venezuelan government expropriated 60% of the assets and now there is a flight of capital out of Venezuela. There is relative downside risk. Have lots of cash. Looking to increase his holdings.