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Strategies & Market Trends : Value Investing

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To: MCsweet who wrote (35846)	11/6/2009 2:01:45 PM
From: Paul Senior	Read Replies (3) of 78748

ATPG. Yes, a disappointing report. Your comments seem to quite well summarize the situation and risks. The progress of the company and the detail analysis of the development of their oil fields are closely followed and disected on the Yahoo board. Of all the oil stocks I am familiar with, this one trades the most below nav. This is my ruling reason for buying the stock. Below nav essentially means greatest proved and probable oil reserves to market cap as estimated by the company/independent examiners. And that nav is nav after taxes, and where I believe "oil reserves" for ATPG are essentially "oil" and not so much "boe" (nat gas). I have a big bet on the company succeeding in converting those reserves to cash flows and transforming itself into a bigger company. Measured by my dollar commitment, ATPG is by far my largest oil stock and among my largest individual stock positions.

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