Biggest onshore oilfield (5 billion barrels) in Europe and have only recovered 3%. Current stock price means you can recover another 2%-3% while in Western Canada they expect 15% recovery so there is a lot of upside left.
Sold a lot of assets and issued some convertible debentures so they now have about $1 cash per share. In one of the hottest plays, the Cardium. Very reasonably priced.
Their biggest field will be flat at 19,000 barrels a day giving steady cash flow. $150 million cash so they will have a very active exploration program including some big wells in Peru.
Rig count peaked at 1600 and she thinks 900-1000 will be sufficient because horizontal drilling gives 3 or 4 times more production than vertical. Earnings are coming down. Could be a quick trade but she wouldn't hold it.
A conglomerate with about 60% of share price being PetroBakken (PBN-T), 30% Petrominerales (PMG-T) and 10% oil sands and the Thai technology. Had expected PetroBakken to be a pure Bakken play but instead they have spent a large amount of money in the Cardium area. Also thinks the decline rates are very high. Valuation is too high.
Been through the worst and still have about $60 million of cash. One of the cheapest stocks at 2.5X price to cash flow. Have been outperforming guidance and estimates.