Serge / Barrington
Am I anxious to let it go at this price? No. But let's face it, how long is it going to be until the market justifies a more appropriate return? You were obviously smart to get out when you did. No one who kept significant holdings in this sector past Q4 '97 is going to see much return for the near future -- and, God forbid, for the medium term either.
I bought in to this company more than two years ago, thinking that their large base of undeveloped land was potentially very valuable. Since then, I've watched as performance was consistently mediocre, particularly in terms of exploration success. If your geologist doesn't have 'the touch,' all the land in the world doesn't do you any good. And so far this management team has not found someone with the right touch.
Sunoma isn't offering much of a premium, it's true. But, without a change in internal performance, the only thing that's going to force the market to pay much more for Barrington shares is a strong revival for heavy oil. I can certainly understand people not wanting to wait that long. There are companies out there, even among junior oils, who will perform better before Barrington comes back.
I've sold some of my position into this rally, and if a somewhat better offer comes along, I'll close my position completely, even if I have to take a bit of a loss. Enough of dicking around with this turkey.
JMHO |
