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Gold/Mining/Energy : THE OIL SANDS
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From: james flannigan2/9/2010 7:57:26 AM
1 Recommendation   of 257
 
On BNN TV last hight a guest stock picker was asked about PBG.She said she had been to the PBG White Sands site and was disapointed in the results of the THAI process( in simple terms its not working).She felt that Petrobakken was the main holding of interest to PBG.But that decline rates in the Bakken are 40% to 50% per well yr over yr,that makes it hard to keep up production unless you keep drilling a lot of wells each yr.

Bottom line she said White Sands value per share was about $5 and that the stock is very over valued.

In my mind White Sands THAI is a dud for that project.I notice a couple of yrs ago the production numbers were not that good.Lighting a fire under water oil soaked sand is a tough nut to crack,its hard to light fires under water.Unlike SAGD the fire (heat) is created in a plant condition were there is control of the heating process of the steam then transported to the reserve. In my view THAI has failed to replace SAGD.

James
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