Material Change Report / Tier II Portfolio
Beginning Cash Component $45,489.12
Duvernay Oil Corp.
Purchased 1000 Shares @ $11.50/share
Total Investment $11,500.00
On February 3, 2004, Duvernay completed its initial public offering of 5,000,000 Shares at a price of $10.50 per Share for gross proceeds to Duvernay of $52,500,000. The offering was made through a syndicate of underwriters led by Peters & Co. Limited and including FirstEnergy Capital Corp., Scotia Capital Inc., UBS Securities Canada Inc. and Sprott Securities Inc.
This addition to my portfolio was planned over a month ago. The IPO was over subscribed 3X at $10.50 and I believe this is the time to pick up shares on the open market. This is a case of excellent management, great short term growth story and, cash on hand to support their near term activities.
Mike Rose (Berkley Petroleum) and gang have really jump started this company into a swift growth vehicle with average production in the month of November at 4250 boed. I believe they exited 2003 at around 5000 boed. (I need to verify that) The company was founded in June 2001.
NINE MONTHS ENDED SEPTEMBER 30, 2003
sedar.com
PROSPECTUS
sedar.com
Endding Cash Component $33,989.12 |
