Renegade Petroleum Ltd. (RPL-X)

Spartan Energy (SPE-X) is acquiring this. The 3^rd iteration for Spartan. There are a lot of institutions that have been backing Spartan management and will continue to do so because they have such a successful track record. If you own, continue to hold and become a Spartan shareholder.

When you get your Spartan (SPE-X) shares in a few weeks, your overall portfolio holding in that entity will continue to move higher. Feels that Spartan, which is trading at around $2.60-$2.70 currently, is probably worth $3-$3.25. He respects the management team. Has been buying Renegade in order to get shares in Spartan for the last couple of weeks.

Recently sold his holdings. They just recently entered into an agreement with Alexander Energy where they are going to merge the 2 companies. Renegade changed from a traditional growth Junior to an oil/gas dividend payer. Made a big acquisition over a year ago and this stretched their balance sheet. This is no longer a yield play but is an interesting growth play.

Being acquired by Spartan (SPE-X) (formerly Alexander Energy) to create Premier Light Oil. Really loves this deal and is really excited about it. This is absolute the best outcome for the shareholders. (See Top Picks.)

Assets weren’t really ready for a transition to a dividend growth model and now they are in more of a growth mode. They are in a de-risking mode. Looks cheap and that is a temptation, but he looks for better opportunities.

Doesn’t want to get involved in the soap opera too much right now, but they’ve been under strategic review since April/13 and in that timeframe they have sold assets, deleveraged the balance sheet and just announced a $109 million disposition, effectively selling 17% effectively of the production for the equivalent of 23% of the value of the company. To be able to do do’s of that size is a coup for the board. Metrics were pretty good. There will be a special vote later this month for nomination of a new slate of directors.

Have had good results but they don’t know what the strategy is going forward and that is the one issue that is holding this company back.

Hasn’t owned for a long time because of debt levels. Recently made some management changes and it seems as though things are turning around but you are not seeing evidence of it in the stock price yet. Not looking to get into this immediately but is watching it. Could be a great turnaround story.

There is a strategic review going on with this company. They are looking for a buyer or are selling off some assets to help their balance sheet. Have been for sale for a long time.

Main driver is that it is under strategic review so will sell either part or all of itself. They are over 100% payout ratio so it would be good if they cut it.

(Top Pick Nov 12/12, Down 48.29%) They revised their debt situation and it completely destroyed the balance sheet.

This is like musical chairs in terms of the management team. Not a huge fan. They’ve said they are looking for strategic alternatives and he is surprised that nothing has happened, which is a little bit worrisome. Has been trading in a range of $1-$1.10 over the last few months. Feels that most of the downside has already happened so if you own, he would continue to Hold.

This is one of the companies that converted to the dividend model which simply did not work and they ended up trimming the dividend. President and chairman of the board both resigned. There is a dissident shareholders group that is rattling the cage. Too many things going on to want to hold onto the stock.

Stock dropped when they converted to a dividend paying company where financial controls were probably not quite as strong as they should have been. Holding their annual meeting this Friday, so there should be an update on their production standpoint and their strategic reviews. There are 2 scenarios. 1.) It gets sold at $1.30-$1.35. 2.) Possible parachuting in of a new management team.

Under strategic review. The bids were due 2 weeks ago. A continuing problem with this company is their debt load. Just came out with their quarter, which reaffirmed their production guidance. There is good guidance in the name. The continuing challenge is the debt level relative to their cash flow. He is still optimistic that there will be a decent bid.