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Gold/Mining/Energy : Canadian Microcaps
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To: Ciao who wrote (340)4/2/2004 8:54:40 AM
From: Gulo  Read Replies (1) of 817
 
4 cents for GKX was a bit of a surprise. I didn't expect earnings to start piling up so fast, but I do expect they will continue to increase from here - with seasonal fluctuations, of course.

Re PSD: I have always had difficulty evaluating seismic data firms. I followed a few for years that hung around a PE of 3-5 during the good years and then lost buckets during the lean years (e.g., Arcis). The data sets seemed to be carried on the books at many times their value on liquidation (although that could be because the bankruptcies and liquidation occurred during lean years).

HYD is a great company with dedicated management, but GKX cleared up its debt with no dilution. It also can grow fast with less capital than can Hyduke (i.e., weighted to manpower vs equipment). That tipped the scales in their favour, IMO. OTOH, it may be easier to get more quality equipment than more quality people at this time. I also like GKX's employee share purchase plan and its ability to participate in SAGD in a meaningful way. SAGD will soon (5-10 years) generate around a million BOPD in Alberta.

That said, this is probably no moon shot like CEP was. I sure would like to find another one of those - and I promise not to be so slow in accepting the obvious!
-g
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