Opinions
Glenn MacNeill, P.Eng.
Western Oil Sands Inc.
WTO-T
TRADE
Jun 16, 2006
Hasn’t bounced back like others, as it was fairly expensive. Likes the company. Its principal asset is the 20% interest in the Athabascan Oil Sands project, operated by Shell (SHC-T). Priced with a premium because it was considered vulnerable to a takeover by Shell.
$27.000
Stock price when the opinion was issued
oil
gas
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Marathon Oil (MRO-N) has made an offer to acquire. Part of the deal was for them to spin off their Kurdistan assets. Stock has been trading at a premium to the offer that could mean the market thinks a higher bid is coming or if the market is ascribing more value to the Kurdistan asset than originally thought. He feels it is the latter. Be surprised to see a competing offer come in.
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Being acquired by Marathon (MRO-N). He is buying it for the sum of the parts of the valuation. Basically what you are getting with the Marathon take out is cash and about 33% of stock. You also get a junior international exploreco, Western Zagros in Kurdistan, where there are significant light oil deposits. Market is not fully valuing this company.
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