Hi Len,
Thanks for the welcome.
I was fortunate to get the order at 0.71 because I had tried at 0.68 and failed and then failed again first day at 0.71 but got picked up on second day. Bought some more Tuesday.
The risk aspect for all types of O&G stocks is as low now as it will ever be. I've concentrated on those that are making money right now, on the premise that only an idiot could be losing money in this market, if they were making it last year.
I see that the spot prices for oil (WTI/Brent) and NatGas just keep going up with not much relief promised by the OPEC crowd. On thinking about it, why should they get their knickers in a twist when Europe makes do, paying twice as much as North Americans do for gasoline. The OPEC crowd must get the impression that we waste as much as we use and if that's the case, we should be prepared to pay for that luxury. If NA wants to have enough fuel then let's be prepared to pay the price at which it is attractive for people to go out in the bush, drill, find and bring it to market. Then we will control our own future and fate.
Other than that we should quit whining.!
An interesting article in the Explorer section of AAPG journal in a paper entitled "The Discoveries are getting smaller".
Try aapg.org
This has some interesting facts and figures about dicoveries, supply and demand in a global scenario and raises many questions about why some people have been blabbering on about oversupply for ages, when this past decade's discoveries have been smaller and harder to reach, develop and extract than others in past times.
Only North American (excl Mexico) sites that were mentioned at all are the tar sands in Alberta.
No new major fields of gas or oil were discovered in North America in the past decade. Food for thought, there.
Anyway, it's worth a read, as I know you are right up on this O&G scene and I'm a rookie as far as fields, companies and important relationships between various factors such as cash flow, field (pool) life and share price etc.
One thing I do know is that with increased revenues through higher prices, with little added cost of extraction, all these energy companies that I've switched into, must be going to make some good money.
Then the takeovers and rationalisation will come along and GNY is well placed on both sides of that scene.
'jaggs |
