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C&I, you call this a wait? You could be stuck or luck struck, depending on how you look at it, in TGLEF, TransGlobe Energy, which has been pursuing the acquisition and development of a very prospective oil concession, next to +100,000 BOPD producing fields and previously explored by Shell Oil with oil shows, in the Republic of Yemen for 3 years now. It now has been officially awarded the concession and has a 1/2 billion dollar, previously billion dollar before the oil glut crisis, independent oil company strategic partner who is paying the exploration expenses on behalf of the partnership who has just been officially approved by Yemen. The point is things are better than ever except for the price of oil. Its stock has been as high as US-$4.00 approx. in the height of speculation about the concession on an adjusted shares basis and is currently recovering from US-$.065 the day before yesterday to close yesterday at $.17, a one day +100% gain. If you bought more for $.08 at the drop the day before yesterday afternoon you would have spent pennies and be happy now for the time being. We understand a brokerage, HJ Meyers, closed its doors the day before yesterday and all of its TGLEF stock plus any others in its own accounts got dumped wholesale... Murphy's Law at work. They should be drilling and finding oil on that concession by the early part of 1999 along with a smaller interest in another block which they have already hit a 5000 BOPD well on an undersized pump. Things have never been better but the price of the stock is in the shitter for now. All I care about is where it will be after the reserves are proved and production starts. I'll grant that recovering from this hole the stock is in is not going to be easy and perhaps it would not be there if the CEO of the company was not so compliant with regulatory rules and averse to hype-type promotion. The management is exceedingly honest and conservative, either a virtue or an albatross for the stock. So, don't be too disappointed with Jimmy frac PrevarLenecator. |
