₪ David Pescod's Late Edition January 30, 2008
BANKERS PETROLEUM (T-BNK) $0.77 n/c
One story we are following and expect to be following for the next couple of years is that of Bankers Petroleum and there are a couple of tidbits on the company out today that have Genuity Capital’s Jamie Somerville writing up the story.
Somerville writes, “Bankers Petroleum yesterday announced the appointment of three individuals (all previously part of Rally Energy’s management team) to its executive management effective immediately.”
He points out “The appointment of Abby Badwi as CEO was expected at the end of January due to previous announcements in November. However, the appointment of Douglas C. Urch as VP Finance and CFO and Ian McMurtie as VP Exploration are slightly less expected events. The appointment of both as advisors had previously been announced in November, but Bankers has now confirmed that all three of the previous management team from Rally Energy will be reunited at Bankers Petroleum.” He adds, “We see these appointments as positive.”
Somerville continues, “We are particularly encouraged by the appointment of Ian McMurtie as VP Exploration. While Bankers had a strong technical team with strong heavy oil engineering skills prior to the Rally team joining, we think Mr. McMurtie’s wide range of experience in adapting technologies to different geological settings around the world will be particularly advantageous to the company.”
Genuity Capital current has a target of $1.30 and for those new to this story it’s not as cheap as you might think. The problem with Bankers is that they’ve got 520 million shares outstanding, which is a lot.
On the other hand, they have two sizeable situations — One, the Arkoma and Ardmore basins in Oklahoma which is developing nicely...but the prize is their Patos Marinza field in Albania, an absolutely enormous heavy oil operation that has had different interests exploring it over the last while, but one assumes that under Badwi/McMurtie administration, more could be accomplished.
The chart at the left shows you what this team has accomplished at Rally Energy and why so many of us have such high hopes for this company down the road.
When we finally get a hold of Abby Badwi today, he’s back from almost a month on the road and very under the weather. He does point to a new reserve report at the end of February as the next big milestone for Bankers Petroleum.
BLUE NOTE MINING (V-BN) $0.315 +0.02
BREAKWATER RES. (T-BWR) $1.49 +0.14
GLOBESTAR MINING (T-GMI) $1.36 n/c
TECK COMINCO (T-TCK.B) $33.15 +0.07
We might well be moving the cart way ahead of the horse and we may be just trying to search for good news anywhere and everywhere, but in this brutal resource market that still has extraordinarily lofty commodity prices, we are still being beaten up by a market that is fearing the future and assumingly, expecting the worst.
This asset-backed mess that has ushered in this fear has somehow destroyed the natural resource-based markets, but have you noticed, there are more than few mining shares looking as if they are putting in a bottom.
This selection of four charts we show today have just touched a wide spectrum of stories ranging from Blue Note, which is currently upping their zinc/lead operation in New Brunswick, but it looks like they may have things under control (they’ve certainly issued a lot more stock than one would have thought a while ago).
Breakwater Resources had several base metal mines scattered around the world from Vancouver Island to Honduras and they were recently having a 3-for-1 stock sale. But it too, seems to have bottomed.
Globestar Mining is currently gearing up for a mid-year start on their Cerro De Maimon copper mine in the Dominican and also have some pretty interesting nickel exploration projects there as well. That’s just a bit of a move, but still …
And then of course there’s industry heavy-weight Teck Cominco from smelters and zinc mining to a little bit of oil and gas to whatever, they are a player in the resource sector. It also has had a recent bounce.
Have we seen the worst?
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