BlackPearl Resources Inc (PXX.TO) Buy, Sell…

BlackPearl Resources Inc (PXX.TO)

1.03

-0.04 (3.74%)

as of Dec 18, 2018, 9:08:39 am Market Open.

19 watching

HOLD

There is great hope. Shareholder base is phenomenal. Deep pocketed family out of Switzerland. Their heavy oil play in Canada. There have been delays in one project, but he hopes they will resolve what makes the market uncomfortable. There is incredible support in the shareholder base.

DON'T BUY

Needs funding to bring on 1 of 2 very large projects. Went to the credit market to raise money but the credit market said they needed 10%-12% interest rates. This company has one of the best heavy oil teams in the business and the quality of their assets is probably very good but their ability to fund it is challenged.

COMMENT

He is not a big investor in development style oil sands juniors. There has always been an overhang on BlackPearl in terms of how they are going to finance their Black Rod SAGD. Not even looking at this one.

DON'T BUY

Hesitates on this. Team is fantastic, one of the best in heavy oil in Canada. The challenge on this is that they waited far too long to build and finance a heavy oil project that they have. Stock was over $7 and they should have financed then. Just recently decided to debt finance one of their projects and they are going to be paying a 10.5% rate which is higher than expected.

HOLD

Junior oil sands companies has been a tough space. Great management team. Their challenge now in a very weak equity market is that they are faced with a funding shortfall. Have 2 projects that require financing. Thinks the market is waiting for clarification. The value of the asset is substantially higher than what the share price is.

BUY

Likes this company. Heavy oil producer in northern Alberta. Heavy oil producers were getting the serious differential price, which is much lower than the WTI price so had to find alternative means to transport the oil. One of the major ways was by rail. This, coupled with a better differential pricing, will help companies like this.

BUY

(Market Call Minute.) If you believe in $90-$95 oil, you’ve got great leverage. This will eventually be a $6 stock just looking at the value of their 2 main assets.

DON'T BUY

Exited in the fall. Value wont be realized in this stock until 2017. In this environment he likes to pay for cash flow, not for what is 5 years out. They will have a need for capital so there will be equity issues in the future.

BUY

One of the better names out there. Oil weighted. Great management team and good balance sheet. Lots of prospectivity for 2012. Just the macro issues that are weighing on the name right now.

DON'T BUY

Sold his holdings last fall when he saw the current value of producing assets made up only a small component of the overall share price. Also feels the company needs to raise equity.

BUY

(Market Call Minute) Will have a resource update in 3-4 months that moves the stock higher.

BUY

Heavy oil, SAGD developer in Alberta. Good management. They will certainly build a SAGD plant. Whether they built a 2nd and 3rd before somebody takes them out, is the question.

SELL

(Market Call Minute) Need to raise 125 Million Dollars

COMMENT

Likes their several catalysts of growth. Possible secondary and tertiary recovery approval at Onion Lake, which means that with their several areas of development that they have now, if any one of them hits, you are going to see 20%-25% production growth next year. Pretty safe name and well-regarded.

HOLD

With $90 oil, the NAV would be about $7.50 and on $100 oil it is about $10. About $50 million in cash. Expect you want have 50% upside in the next 1-1.5 years.

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BlackPearl Resources Inc (PXX.TO)