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  • Penn West Energy Needs to Show Investors Its Worth [View article]
    Jack, I think Bui maybe right on a cut in the dividend.
    Previous PWe management emphasized oil sands and Pembina as the future and and told the investor their 3.9 million acres of land holdings were "impossible" to explore in a timely manner, hence they started the farm in program.

    New management is now emphasizing rock source and composition in their road shows and have started to fire up an exploration program on their now 4.1 mill acreage. Obviuosly this is what new management is there for--a change in focus from tertiary recovery to exploration.That is a significant game change. That may cost money other than what is being discussed. What is obvious is that oil sands and Pembina weren't going to stop a production slide and that can spook an investor or two.

    Ultimately, it may boil down to Murray Edwards, co-founder of CNRL and the largest single shareholder in PWE at least prior to the last two trust buyouts. What does he think. But with management change, maybe he has already told us what he thinks.
    Apr 25 20:51 pm |Rating: 0 0
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