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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (41107)1/23/2011 3:06:00 PM
From: E_K_S  Read Replies (1) of 78717
 
Hi Paul -

Have you looked at Spartan Exploration LTD?

SPARTAN EXPL LTD (SXPRF.PK)
SPARTAN EXPLORATION LTD. (Toronto: SPE.TO )

spartanexp.com

Spartan Exploration Ltd. engages in the exploration, development, and production of oil and gas in Canada. The company holds interests in the oil and gas properties located in southwest Saskatchewan and southeast Saskatchewan, as well as in the west Pembina area of central Alberta. As of December 31, 2009, it had total net proved reserves of 965.8 thousand barrels (mbbls) of light and medium oil; 216.1 mbbls of heavy oil; 722 million cubic feet (mmcf) of natural gas; and 55.3 mmbls of natural gas liquids. Spartan Exploration was founded in 2008 and is based in Calgary, Canada.

This company has ramped up their drilling program for 2011 and has budgeted enough capital for 19 net new wells. They are drilling new wells to production for about $1.7 million which is below the average cost for many of the companies i have been following. Funding is from new stock, cash flow and credit facility. Stock has rallied significantly in 2010 as they have increased their proven reserves. Their reserves should double again in 2011.

Take a look and see if this one fits your criteria. Stock trades ok volume on the Toronto exchange (208K AVG Volume) but on the pink sheets is yet to be discovered.

EKS
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