Hi "rampage",
Oil was up $1.04. There are problems in Russia and Nigeria as well as Iraq and a few other places that are going to take some oil off the market.
Since the market has been hit, portfolio managers will soon be looking to find a place to put their money and I feel that the oil sector is one of those places. I believe that we have already seen some insider buying in that sector and that is usually an indication of a bottoming. Portfolio managers will look for sectors that have already been hit so as to lessen downside risk.
On another front, the delays in bringing in the deep well will soon be over and the well will start producing.
I'm extremely confident after speaking with Westfort that news is not too far away. They have actually found a new payzone as they have been completing the deep well.
WT has not been kind to the shareholders with regards to releasing news and helping stabilize the free fall of the share price, which in my mind is unconscionable, but they have not been idle either.
The gas plant "next door" will most likely sign a deal to drill a couple of smackover wells to ramp up production to full capacity at the plant. They will also probably build a pipe-line to connect the two properties. This is very good news!
They have raised some additional funds so that they are no longer cash poor and can continue on their expansion of the field. This is also very good news!
Off the subject, I have not been happy with the TSE. After several buys totaling over 10,000 shares the bid/ask didn't move, but the next trade of 400 shares ( a sell ) moved the bid/ask down 3 cents. Several instances of this showed up today. The things I have seen in the past month regarding the TSE have turned me off greatly. WT can't move to an American exchange quickly enough for me. The TSE seems to have no idea of how bad a reputation they have. It is not as bad as Vancouver, but after talking to other money managers...well it's not good. Canada is a great country and it is not an "emerging market", but the exchanges are not well looked at and now I know why. They should do something about it!
On the subject, WT will start moving up. After moving down on no volume, it moved up on much higher volume today. The Dow was down over 200 at one point today and closed down 100. WT was up! I think that this will be a trend.
Take care.
Best Regards,
Bruce |
