steve Ward

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+1 / 0

184 Comments

    • Sun May 25th 01:17 AM | Rating: 0 0
      Commented on:
      Penn West Energy: More Questions Than Answers
      The basic argument here is reserves vs. cost of dividend distribution. Reserves are indeed excellent, most including or especially georealist talk up the reserves.

      The second argument, equally as correct, is the distribution from cash, is it currently or in the immediate past been covered by net cash. The answer is no.

      As long as oil and especially gas remain high, PWE is a good bet for a capital gain even from these levels.

      And just maybe, the Good Ol Boyys know what they are doing, milking all the money they can out of depleting assets, it is a viable business option.

      PWE's future growth hinges on more asset acquisitions, where the IR department won't give us a straight answer, higher oil and gas prices or eventual and timely development of the vast amount of land base PWE owns with the hope alot of new stuff is out there.

      The unconventional lands are virtually in limbo at this time and will not receive the necessary huge amount of cash because PWE's IR stated the word "accretive" in regards to reserves, cash flow and production. The oil sands do not fit PWE's IR dept. description at all.

      There is nothing wrong with buying land cheap as long as something is on it. That's the question the Canadian analyst's are asking PWE and they are not getting an answer.
      View article »
    • Sat May 24th 13:55 PM | Rating: 0 0
      Commented on:
      The Bakken Trend: Lost Dutchmen Mine of the Oil Patch?
      Also for the very hearty risk taker, ( I love an adventure) you can look at American Oil and Gas, AEZ, trades Amex @3.86 per share with 87,000 Bakken acres called "Goliath, where Whiting Pete, (WLL) made a discovery in the middle of the "Goliath".

      Or look at Painted Pony Petroleum, trades TSX @ 7.65 per share. Symbol, PPY.A. PPY scored enough dough to drill in the Saskatchewan Bakken for several wells and bought some wild wooly acreage in Northern B.C. Up alot this year, but I like it for at least a little investment.

      Happy Returns
      View article »
    • Sat May 24th 13:36 PM | Rating: 0 0
      Commented on:
      The Bakken Trend: Lost Dutchmen Mine of the Oil Patch?
      To Mr. Platt;
      sorry for the late reply but I've been busy.
      Here is my breakdown for the Bakken Investment at 100G's.

      Continental Resources, (CLR): 800 shares @60.00 per share, $48,000
      Northern Oil and Gas (NOG): 2.000 shares @ $10.00 and change per share, $22,000
      Crescent Point Energy Trust, (trades on the TSX, CPG.UN) 800 shares @ $37.00 and change, $29,600

      Note: last week CLR discovered a well with a larger than expected flow rate. The significance of the well lies in the fact that it was drilled in one of Geologist's Julie Lefever's "other Bakken Zones"
      Good Investing
      View article »
    • Fri May 23rd 21:22 PM | Rating: 0 0
      Commented on:
      Penn West Energy: More Questions Than Answers
      Canadian money managers are out of most of the Trusts save for Crescent Point, Vermillion, Baytex and Canadian Oil Sands Trust. It seems only the Americans won't give up the ghost on these investments.

      To Alpine Buttercup, keep it up, you're getting smarter. Yes the DRIPS are dilutive and provide a false cushion on the dividend. And spot on about the oil sands and tertiary recovery conditions in Alberta. If you don't have production already on oil sands or completing for production within 18 months, like CNRL, OPTI etc., it will be dead money for thre investors.

      As far as the "good ole boys" go, I think you are on to something.Notice that all the Capital and debt went to conventionaloil and gas acquisitions and not oil sand or tertiary developments. The currency that PWE used was the high dividend that is why they paid almost no premium for the last 3 trust purchases. Management of the purchased trusts like those hefty dividends too. So they went with it and sold it to their shareholders. I bet Murray Edwards and the rest of the Good ole Boys arn't in the DRIP.
      They are taking the cash and running and the rest of the Canadian Investment Community knows it.
      View article »
    • Fri May 23rd 11:49 AM | Rating: 0 0
      Commented on:
      Penn West Energy: More Questions Than Answers
      Dave, as far as Pwe's response to shareholders, I agree with you that they are not very forthcomming. I posed the question to PWE's IR on the new Canadian Safe Harbour Rules limiting the amount of capital PWE can generate for further acquisitions. I simply asked how much if any capital can PWE use for further acquisitions. Here is the reply:



      Good morning Mr. Ward,

      Thank you for your question and your interest in Penn West. There exist many factors (many of which are confidential), however, in the past we were able to raise capital via a private placement basis in the United States with the issuance of notes with an aggregate principal amount of US $475 million last May. Penn West has historically used a combination of assumed debt and stock to finance its aquisitions. Our recent acquisitions of Petrofund and Canetic were both completed on a stock-for-stock basis. The goal is to acquire assets that are accretive to reserves, production, and cash flow. Penn West evaluates both corporate and asset acquisitions and have a 15-year track record of adding assets which are financially beneficial and operationally complementary.



      Regards,

      OK, fine but how much more can PWE raise for future acquisitions inder Canadian Law?? They never answered the question.
      The "confidential&quo... worries me.
      View article »
    • Fri May 23rd 11:31 AM | Rating: 0 0
      Commented on:
      Penn West Energy: More Questions Than Answers
      A rising tide lifts all the boats. Higher commodity prices pulled all the trusts and the E&P's out of the september 07 to March 08 doldrums.

      New management has clearly de-emphasized the oil sand and tertiary recovery plays and are now empahasizing conventional oil and gas step out drilling and pure exploration. All they have now are pilot projects at Pembina and Swan Hills and they arn't on stream yet.
      PWE's new management has changed the goals and they maybe in the process of changing the model itself. And for me that is the big unknown.
      View article »
    • Fri May 23rd 10:13 AM | Rating: 0 0
      Commented on:
      CKX Land Mystery Solved
      Eric, I think for CKX and SSN we are looking at what is called a " jiggle" by the street. A brief but powerful spike in price. Usually it is done on small even micro cap stocks that are thinly traded. As to whether someone took a meaningful position or it was a manipulation remauns to be seen. But jiggles are usually accompanied by downward spikes as rapid as the upward spike.

      But I think it is a Jiggle. SEC may or may not be looking already at the unusual movenments
      View article »
    • Thu May 22nd 10:17 AM | Rating: 0 0
      Commented on:
      Penn West Energy Trust: My $50 Price Target
      PWE stirs more blog interest than almost any single issue. Question for everybody: Did anyone out there buy PWE when it hit its lows of 23 and change to 28.oo per unit early this year?
      Anybody double down at those prices?
      View article »
    • Thu May 22nd 10:05 AM | Rating: 0 0
      Commented on:
      Penn West Energy Trust: My $50 Price Target
      Jack, a question for you. PWE has cited under their new CEO that all their CO2 enhancement projects would depend on a single supplier, not a multiple supplier scenario as previously thought.

      Also, the new CEO talks up exploration of all the new and old lands alot more than the older management team.

      The question is: Is this a shift away from Pembina and Swan Hills tertiary programns and is management hinting at switching capex to a good old fashion explore and drill for conventional oil and gas? Good Lord knows they have the land to do it.
      View article »
    • Wed May 21st 10:07 AM | Rating: 0 0
      Commented on:
      T. Boone Pickens Remains a Fervent Oil Bull
      It was only 4 to 6 weeks ago that Pickens was short oil for over a month and had to cover. But he was noble about it and admitted he was wrong.
      View article »
    • Sun May 18th 12:34 PM | Rating: 0 0
      Commented on:
      Why Investors Worship Old King Coal
      I like the possibilities of geo thermal. It seems so convenient. However, latest info from geologists indicate geo thermal sooner or later will cause earthquakes and they don't know why yet.

      France killed a geo thermal project in the last few years on the Swiss Border due to quakes in Basil.
      View article »
    • Sun May 18th 12:07 PM | Rating: 0 0
      Commented on:
      T. Boone Pickens' $2 Billion Bet on Wind Energy
      I still don't get why every article touting solar or wind power constantly refers to the price of oil. Oil in this country is used for transportation and chemicals, not power generation. Even China is getting away from oil as a power generator.

      If there is an "enemy" here it is coal, not oil. Yes, oil fields decline but wind doesn't always blow, so to speak. Next thing we will see are the same people who oppose oil drilling off America's coastline now objecting to these "unsightly" wind farms.Just ask Teddy Kennedy, who last year killed a local wind project over ruination of the view.

      And if you want to talk about placing wind farms where no one ;lives,well no, and I mean no one lives in ANWAR. Not even the Inuits or Eskimos. Why, too darn inhospitable, even for them.

      There is no science involved in this stuff anymore, it's just pseudo-religion and political gotchas.
      However, Pickens maybe on to something when viewed with the backdrop of 60 planned coal fired plants being cancelled the last 3 years due to uncertainty of future environmental laws.
      Please, somebody write an article on alternative power generation and speak to future demand against coal and natural gas and hydro capabilities and liabilities, not oil.
      View article »
    • Fri May 16th 12:27 PM | Rating: 0 0
      Commented on:
      Senate May Kill Solar Rally
      I'm wondering when a "new " Congress will adopt Hillary's illogic about taxing "windfall" profits on oil companies for subsidies for solar and wind alternatives.

      Over 80 percent of the crude in this country is used for transportation and chemicals, not power generation. Yet Hillary alludes this how we will gain control over gasoline prices.
      Looks like the coal companies have completely dodged the tax bullet. I find that interesting.
      View article »
    • Tue May 13th 08:50 AM | Rating: 0 0
      Commented on:
      San Juan Basin Royalty Trust: Earnings Estimates Are Too Low
      SJT is indeed a good buy now. I have advised people that have Canroys to start looking at American oil and gas MLP's and RT's. My only caution is that we do not know of any future tax consequences that maybe imposed by a new President. With the Canroys we now know the consequences.

      However, SJT would still be a good investment along with several others.
      View article »
    • Thu May 8th 12:54 PM | Rating: 0 0
      Commented on:
      Penn West Energy Trust: An Underappreciated Gem
      Based on lack of institutional interest and Jack's comments on the conference call; holding PWE is very contrarian which is good for the investor in the long run or something is up and has spooked the pros in Canada and I don't know which one it is.
      View article »
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