Canaccord's Pescod on CLL & PDP:
CONNACHER OIL & GAS (T-CLL) $3.29 +0.36
PETROLIFERA PETROLEUM (T-PDP) $5.00 +0.75
NATURAL GAS $13.66 -0.271
Connacher Oil and Gas is having a heck of a day on the markets
today as is the recent spin-off Petrolifera, but because
Connacher is in registration, CLL President Dick Gusella
can’t talk to us just yet.
He suggests that the financing for their flow-though
shares that’s created this little registration problem should
be closed by tomorrow at which time we hope to have lots of
information from the suddenly-in-demand, Dick Gusella.
But Andy Gustajtis, the Jennings Capital oil and gas analyst
whose loved the Connacher story for so long—can talk,
and the first thing he says is he can hardly wait to see what
Gusella says tomorrow himself. But first Gustajtis points
out that we are into a bit of an oil market because of the
weather. “It’s freezing in Toronto” he says, “and it’s also
frigid through much of New England and even the midwestern
Prairies, so demand for heating oil and natural gas
is suddenly going through the roof”.
As far as Connacher, Gustajtis says, “It’s absolutely
amazing how the fortunes in this company have changed in
just the last 12 months. First of all, you have them bidding
for the rights for the Great Divide project and winning it, and
then watching bidding for other holdings in the area go up
by a factor of 20 times!” Let me reiterate, 20 times! Amazing.
As the Great Divide project advances Gustajtis suggests
that “the 10,000 barrels a day is probably only the beginning.
In the first phase, this should take care of most of the financings
for phase 2 and possibly (if there is one) phase 3.”
Then Gustajtis suggests, they come up with what looks
like a significant discovery in Argentina. “What an amazing
year” Gustajtis says, and it makes one wonder, what they
can come up with next year.
Tomorrow we hope to have lots to talk about on this story
that Kerry Sully said we had to have, back at $0.71 a share
and thank goodness we featured him….and listened to him!
Meanwhile, Gustajtis expects news on the success (or
lack of success) that Corridor Resources have fracing their
McCully play in New Brunswick. This is a play Gustajtis has
huge hopes for. We wonder, could it be the Connacher of
next year? Results expected anytime! |
