Introducing the CVI - Punch Card Portfolio Newsletter
Subscribe to CVI - Punch Card Portfolio Newsletter
Friday, September 30, 2011
Thursday, September 29, 2011
Conversation With Petrobakken CFO
I just sent out an e-mail to newsletter subscribers detailing my conversation with Petrobakken's CFO who was kind enough to make some time for me this evening.
After the elevator ride down the stock has taken this week on the BMO analyst downgrade it was the least I could do for subscribers.
This is the hard part of investing. Staying the course. Being able to speak directly to management helps do that. While the stock price moves around wildly the underlying business moves forward.
After the elevator ride down the stock has taken this week on the BMO analyst downgrade it was the least I could do for subscribers.
This is the hard part of investing. Staying the course. Being able to speak directly to management helps do that. While the stock price moves around wildly the underlying business moves forward.
Wednesday, September 28, 2011
Tuesday, September 27, 2011
Monday, September 26, 2011
Marc Faber Interview
I wonder how many more times a month he gets asked to appear on TV when the markets are tanking than he does when every is less gloomy ?
Marc Faber – Gold May Fall to $1,100
Marc Faber – Gold May Fall to $1,100
Sunday, September 25, 2011
Saturday, September 24, 2011
Buying Six Stocks For Punch Card Portfolio
I went through my watchlist of stocks Friday evening. I could barely find one that isn't attractively priced.
That is of course if you assume the world isn't ending.
I'm determined to hit this opportunity with a hammer. So I'm adding six new positions to the Punch Card Portfolio in the newsletter being released to subscribers tomorrow.
Also included is an interview with the CEO of an existing holding.
Suck it up. Buy what you know, when you know it is a great opportunity.
That is of course if you assume the world isn't ending.
I'm determined to hit this opportunity with a hammer. So I'm adding six new positions to the Punch Card Portfolio in the newsletter being released to subscribers tomorrow.
Also included is an interview with the CEO of an existing holding.
Suck it up. Buy what you know, when you know it is a great opportunity.
Friday, September 23, 2011
International Energy Outlook 2011 - Have We Got a Plan?
world marketed energy consumption grows by 53 percent from 2008 to 2035.
http://www.eia.gov/forecasts/ieo/
http://www.eia.gov/forecasts/ieo/
Thursday, September 22, 2011
Fortuitous Time To Launch A Newsletter
I've spent the better part of the last year focusing on the Canadian unconventional oil sector.
With this group of stocks down 6% to 10% today I feel very fortunate to have just launched a newsletter.
This sector has been drubbed repeatedly over the past 6 months, today is just the icing on the cake.
I feel like I'm in the right place at the right time and now is the time to start getting greedy. There are no shortage of candidates worthy of recommendation this Sunday.
With this group of stocks down 6% to 10% today I feel very fortunate to have just launched a newsletter.
This sector has been drubbed repeatedly over the past 6 months, today is just the icing on the cake.
I feel like I'm in the right place at the right time and now is the time to start getting greedy. There are no shortage of candidates worthy of recommendation this Sunday.
EOG's Mark Papa on the Next Oil Industry Homerun
My newsletter portfolio already has 3 picks specifically aimed at profiting from it....
http://seekingalpha.com/article/295153-unconventional-oil-an-enormous-opportunity-for-chesapeake-and-eog
http://seekingalpha.com/article/295153-unconventional-oil-an-enormous-opportunity-for-chesapeake-and-eog
Wednesday, September 21, 2011
Interview With CEO of Punch Card Portfolio Holding
The CEO of a Punch Card Portfolio holding was generous enough to give me some time to grill him with questions this afternoon.
I'll be providing a full recap of the conversation in the Newsletter sent to subscribers on Sunday.
I'll be providing a full recap of the conversation in the Newsletter sent to subscribers on Sunday.
Next Punch Card Portfolio Issue Sunday, September 25
My plan for my newsletter portfolio is a relatively concentrated portfolio of undervalued equities.
Mr. Market however seems to have some other ideas. The way this week is shaping up there will be at least one new recommendation in the next newsletter, along with coverage of a meeting with analysts by one of my existing positions.
I'm sure there are even lower prices in the future, but there is no doubt value to be had today in quite a few publicly traded securities.
And if I recommend it, I'll be risking my own money on it as well.
Mr. Market however seems to have some other ideas. The way this week is shaping up there will be at least one new recommendation in the next newsletter, along with coverage of a meeting with analysts by one of my existing positions.
I'm sure there are even lower prices in the future, but there is no doubt value to be had today in quite a few publicly traded securities.
And if I recommend it, I'll be risking my own money on it as well.
Tuesday, September 20, 2011
US Department of Energy Shale Gas Report
http://www.shalegas.energy.gov/resources/081811_90_day_report_final.pdf
Disclosure of fracturing fluid composition: The Subcommittee shares the
prevailing view that the risk of fracturing fluid leakage into drinking water sources
through fractures made in deep shale reservoirs is remote. Nevertheless the
Subcommittee believes there is no economic or technical reason to prevent
public disclosure of all chemicals in fracturing fluids, with an exception for
genuinely proprietary information.
Disclosure of fracturing fluid composition: The Subcommittee shares the
prevailing view that the risk of fracturing fluid leakage into drinking water sources
through fractures made in deep shale reservoirs is remote. Nevertheless the
Subcommittee believes there is no economic or technical reason to prevent
public disclosure of all chemicals in fracturing fluids, with an exception for
genuinely proprietary information.
Off the Radar News On a Punch Card Portfolio Holding
My intention is to build up the stock portfolio for my subcription newsletter slowly.
So far I'm not doing a very good job of it as I've recommended four stocks in two weeks and have provided a list of 15 to 20 others that are tempting. I'm finding current stock prices of some companies hard to resist.
This morning I e-mailed subscribers an update containing some exciting off the radar news that is material to one of my four recommendations.
If I find information that I think can provide an advantage to my subscribers I prefer to pass it along immediately.
So far I'm not doing a very good job of it as I've recommended four stocks in two weeks and have provided a list of 15 to 20 others that are tempting. I'm finding current stock prices of some companies hard to resist.
This morning I e-mailed subscribers an update containing some exciting off the radar news that is material to one of my four recommendations.
If I find information that I think can provide an advantage to my subscribers I prefer to pass it along immediately.
Monday, September 19, 2011
Sunday, September 18, 2011
Daniel Yergin - Shoots Down Peak Oil Theory
http://online.wsj.com/article/SB10001424053111904060604576572552998674340.html
And a rebuttal:
Rebuttal to Daniel Yergin
By Jeffrey J. Brown
Jeffrey J. Brown is an independent petroleum geologist in the Dallas, Texas area. He has just been named to the ASPO-USA board of directors and has been a frequent contributor to Energy Bulletin and The Oil Drum. His website is GraphOilogy.
He submitted a letter to the Wall Street Journal in response to Daniel Yergin's article. The letter has not yet been published by the WSJ.
To the Editor:
Contrary to Mr. Yergin’s assertion that advocates of Peak Oil have been wrong at every turn, six years of annual global production data show flat to declining crude oil and total petroleum liquids production data.
The EIA shows that global annual crude + condensate production (C+C) has been between 73 and 74 mbpd (million barrels per day) since 2005, except for 2009, and BP shows that global annual total petroleum liquids production has been between 81 and 82 mbpd since 2005, except for 2009. In both cases, this was in marked contrast to the rapid increase in production that we saw from 2002 to 2005. Some people might call this "Peak Oil,” and we appear to have hit the plateau in 2005, not some time around mid-century.
Only if we include biofuels have seen a material increase in global total liquids production.
In the US, there are some good stories about rising Mid-continent production, and US (C+C) production has rebounded from the hurricane related decline that started in 2005, but 2010 production was only very slightly above the pre-hurricane level that we saw in 2004, and monthly US production has been between 5.4 and 5.6 mbpd since the fourth quarter of 2009, versus the 1970 peak of 9.6 mbpd. Incidentally, US net oil imports of crude oil plus products have fallen since 2005, primarily as a result of a large reduction in demand, because of rising oil prices (which Mr. Yergin predicted would not happen), but EIA data show that the US is still reliant on crude oil imports for two out of every three barrels of oil that we process in US refineries.
However, the real story is Global Net Oil Exports (GNE), which have shown a measurable multimillion barrel per day decline since 2005, and which are measured in terms of total petroleum liquids, with 21 of the top 33 net oil exporters showing lower net oil exports in 2010, versus 2005. An additional metric is Available Net Exports (ANE), which we define as GNE less Chindia's (China + India’s) combined net oil imports. ANE have fallen at an average volumetric rate of about one mbpd per year from 2005 to 2010, from about 40 mbpd in 2005 to about 35 mbpd in 2010 (BP + Minor EIA data, total petroleum liquids).
At the current rate of increase in the ratio of Chindia's net imports to GNE, Chindia would consume 100% of GNE in about 20 years. Contrary to Mr. Yergin’s sunny pronouncements, what the data show is that developed countries like the US are being forced to take a declining share of a falling volume of GNE. In fact, our work suggests that the US is well on its way to “freedom” from its reliance on foreign sources of oil, just not in the way that most people hoped.
In a November, 2004 interview in Forbes, Mr. Yergin asserted that oil prices would be back to a long term price ceiling of $38 by late 2005--because of a steady increase in global crude oil production. It turned out that Mr. Yergin’s predicted price ceiling has so far been the price floor. The lowest monthly spot crude oil price that the EIA shows for post-November, 2004 is $39.
I suspect that just as Mr. Yergin was perfectly wrong about oil prices, he may be confidently calling for decades of rising production, just as we come off the current production plateau and just as an accelerating decline in Global Net Exports kicks in.
Sincerely,
Jeffrey J. Brown
And a rebuttal:
Rebuttal to Daniel Yergin
By Jeffrey J. Brown
Jeffrey J. Brown is an independent petroleum geologist in the Dallas, Texas area. He has just been named to the ASPO-USA board of directors and has been a frequent contributor to Energy Bulletin and The Oil Drum. His website is GraphOilogy.
He submitted a letter to the Wall Street Journal in response to Daniel Yergin's article. The letter has not yet been published by the WSJ.
To the Editor:
Contrary to Mr. Yergin’s assertion that advocates of Peak Oil have been wrong at every turn, six years of annual global production data show flat to declining crude oil and total petroleum liquids production data.
The EIA shows that global annual crude + condensate production (C+C) has been between 73 and 74 mbpd (million barrels per day) since 2005, except for 2009, and BP shows that global annual total petroleum liquids production has been between 81 and 82 mbpd since 2005, except for 2009. In both cases, this was in marked contrast to the rapid increase in production that we saw from 2002 to 2005. Some people might call this "Peak Oil,” and we appear to have hit the plateau in 2005, not some time around mid-century.
Only if we include biofuels have seen a material increase in global total liquids production.
In the US, there are some good stories about rising Mid-continent production, and US (C+C) production has rebounded from the hurricane related decline that started in 2005, but 2010 production was only very slightly above the pre-hurricane level that we saw in 2004, and monthly US production has been between 5.4 and 5.6 mbpd since the fourth quarter of 2009, versus the 1970 peak of 9.6 mbpd. Incidentally, US net oil imports of crude oil plus products have fallen since 2005, primarily as a result of a large reduction in demand, because of rising oil prices (which Mr. Yergin predicted would not happen), but EIA data show that the US is still reliant on crude oil imports for two out of every three barrels of oil that we process in US refineries.
However, the real story is Global Net Oil Exports (GNE), which have shown a measurable multimillion barrel per day decline since 2005, and which are measured in terms of total petroleum liquids, with 21 of the top 33 net oil exporters showing lower net oil exports in 2010, versus 2005. An additional metric is Available Net Exports (ANE), which we define as GNE less Chindia's (China + India’s) combined net oil imports. ANE have fallen at an average volumetric rate of about one mbpd per year from 2005 to 2010, from about 40 mbpd in 2005 to about 35 mbpd in 2010 (BP + Minor EIA data, total petroleum liquids).
At the current rate of increase in the ratio of Chindia's net imports to GNE, Chindia would consume 100% of GNE in about 20 years. Contrary to Mr. Yergin’s sunny pronouncements, what the data show is that developed countries like the US are being forced to take a declining share of a falling volume of GNE. In fact, our work suggests that the US is well on its way to “freedom” from its reliance on foreign sources of oil, just not in the way that most people hoped.
In a November, 2004 interview in Forbes, Mr. Yergin asserted that oil prices would be back to a long term price ceiling of $38 by late 2005--because of a steady increase in global crude oil production. It turned out that Mr. Yergin’s predicted price ceiling has so far been the price floor. The lowest monthly spot crude oil price that the EIA shows for post-November, 2004 is $39.
I suspect that just as Mr. Yergin was perfectly wrong about oil prices, he may be confidently calling for decades of rising production, just as we come off the current production plateau and just as an accelerating decline in Global Net Exports kicks in.
Sincerely,
Jeffrey J. Brown
New Issue of CVI - Punch Card Portfolio
The second issue of the Canadian Value Investing - Punch Card Portfolio will be issued tonight to subscribers.
Includes a new stock recommendation, updates on existing positions, a watchlist of attractive equities and some interesting reading for value investors.
Includes a new stock recommendation, updates on existing positions, a watchlist of attractive equities and some interesting reading for value investors.
Saturday, September 17, 2011
Sep 10, 2011 Pabrai Funds Meeting Transcript
Always worth reading what Monish is saying. Not necessarily just for specific ideas, but for the process as well.
http://www.gurufocus.com/news/145269/pabrai-funds-annual-meeting-notes-sept-10-2011-chicago
http://www.gurufocus.com/news/145269/pabrai-funds-annual-meeting-notes-sept-10-2011-chicago
Friday, September 16, 2011
GMO - Optimistic About US Housing Market Longer Term
I wasn't expecting such an optimistic view on the USA, China not so nice looking......
GMO – Observations on the Real Estate Cycle in China and the United States (FXI)
GMO – Observations on the Real Estate Cycle in China and the United States (FXI)
Thursday, September 15, 2011
An Attractive Investment Opportunity
Now some self promotion. The BP Macondo mess created one of the more profitable baskets of investments I've made in a while. I covered them real time on my blog last year at the time of purchase and the time of sale
Ensco on July 1, 2010 – Share price $39.28 – Selling Share price - $56.10
Increase 42% in about 9 months
http://www.gurufocus.com/news.php?id=98829
And yes, I wrote that before the Einhorn disclosures….
Cobalt on July 28, 2010 – Share price $8.46 – Selling Share price - $15.66
Increase 85% in about 8 months
http://www.gurufocus.com/news.php?id=101391
Diamond Offshore on July 31, 2010 – Share price $59.49 – Selling Share price - $78.23
Increase 31% in about 8 months
http://www.gurufocus.com/news.php?id=101737
Stone Energy on Aug 15, 2010 – Share price $11.77 – Selling Share price $30.28
Increase 157% in about 8 months
http://www.gurufocus.com/news.php?id=104529
Here is the post where I exited:
http://www.gurufocus.com/news/124165/noble-energy-becomes-first-company-to-receive-approval-for-a-deepwater-well-since-the-bp-oil-spill--what-do-we-do-now-
These were not easy purchases to make, because at the time the television was telling us 24/7 that small producers were going to be put out of business. But with some common sense and by following the details of the proposals in Congress I sucked it up and bought this basket of stocks.
Opportunities like these don't come along often and I think I've got another set that I will be covering in my newsletter in the coming weeks and months. Hopefully the market stays where it is so prices stay attractive for a while.
Next issue out this Sunday. Subscription link is above.
Ensco on July 1, 2010 – Share price $39.28 – Selling Share price - $56.10
Increase 42% in about 9 months
http://www.gurufocus.com/news.php?id=98829
And yes, I wrote that before the Einhorn disclosures….
Cobalt on July 28, 2010 – Share price $8.46 – Selling Share price - $15.66
Increase 85% in about 8 months
http://www.gurufocus.com/news.php?id=101391
Diamond Offshore on July 31, 2010 – Share price $59.49 – Selling Share price - $78.23
Increase 31% in about 8 months
http://www.gurufocus.com/news.php?id=101737
Stone Energy on Aug 15, 2010 – Share price $11.77 – Selling Share price $30.28
Increase 157% in about 8 months
http://www.gurufocus.com/news.php?id=104529
Here is the post where I exited:
http://www.gurufocus.com/news/124165/noble-energy-becomes-first-company-to-receive-approval-for-a-deepwater-well-since-the-bp-oil-spill--what-do-we-do-now-
These were not easy purchases to make, because at the time the television was telling us 24/7 that small producers were going to be put out of business. But with some common sense and by following the details of the proposals in Congress I sucked it up and bought this basket of stocks.
Opportunities like these don't come along often and I think I've got another set that I will be covering in my newsletter in the coming weeks and months. Hopefully the market stays where it is so prices stay attractive for a while.
Next issue out this Sunday. Subscription link is above.
BP Officially To Blame on the Macondo Blow Out
Cost cutting and rushing to blame:
http://www.kansascw.com/kscw/news/sns-rt-us-bp-spill-probetre78d0kv-20110913,0,5653364.story
Now some self promotion. This mess created one of the more profitable baskets of investments I've made in a while. I covered them real time on my blog at the time of purchase and the time of sale
Ensco on July 1, 2010 – Share price $39.28 – Selling Share price - $56.10
http://www.gurufocus.com/news.php?id=98829
And yes, I wrote that before the Einhorn disclosures….
Cobalt on July 28, 2010 – Share price $8.46 – Selling Share price - $15.66
http://www.gurufocus.com/news.php?id=101391
Diamond Offshore on July 31, 2010 – Share price $59.49 – Selling Share price - $78.23
http://www.gurufocus.com/news.php?id=101737
Stone Energy on Aug 15, 2010 – Share price $11.77 – Selling Share price $30.28
http://www.gurufocus.com/news.php?id=104529
Here is the post where I exited:
http://www.gurufocus.com/news/124165/noble-energy-becomes-first-company-to-receive-approval-for-a-deepwater-well-since-the-bp-oil-spill--what-do-we-do-now-
These were not easy purchases to make, because at the time the television was telling us 24/7 that small producers were going to be put out of business.
Opportunities like these don't come along often and I think I've got another set that I will be covering in my newsletter in the coming weeks and months. Hopefully the market stays where it is so prices stay attractive.
Next issue out this Sunday. Subscription link is above.
http://www.kansascw.com/kscw/news/sns-rt-us-bp-spill-probetre78d0kv-20110913,0,5653364.story
Now some self promotion. This mess created one of the more profitable baskets of investments I've made in a while. I covered them real time on my blog at the time of purchase and the time of sale
Ensco on July 1, 2010 – Share price $39.28 – Selling Share price - $56.10
http://www.gurufocus.com/news.php?id=98829
And yes, I wrote that before the Einhorn disclosures….
Cobalt on July 28, 2010 – Share price $8.46 – Selling Share price - $15.66
http://www.gurufocus.com/news.php?id=101391
Diamond Offshore on July 31, 2010 – Share price $59.49 – Selling Share price - $78.23
http://www.gurufocus.com/news.php?id=101737
Stone Energy on Aug 15, 2010 – Share price $11.77 – Selling Share price $30.28
http://www.gurufocus.com/news.php?id=104529
Here is the post where I exited:
http://www.gurufocus.com/news/124165/noble-energy-becomes-first-company-to-receive-approval-for-a-deepwater-well-since-the-bp-oil-spill--what-do-we-do-now-
These were not easy purchases to make, because at the time the television was telling us 24/7 that small producers were going to be put out of business.
Opportunities like these don't come along often and I think I've got another set that I will be covering in my newsletter in the coming weeks and months. Hopefully the market stays where it is so prices stay attractive.
Next issue out this Sunday. Subscription link is above.
Wednesday, September 14, 2011
Blackrock's Fink Prefers Equities to Debt
Treasuries paying nothing or world class companies at low p/e's with nice dividend yields....
http://finance.yahoo.com/news/BlackRock-CEO-Fink-favors-rb-812701616.html?x=0&sec=topStories&pos=3&asset=&ccode=
http://finance.yahoo.com/news/BlackRock-CEO-Fink-favors-rb-812701616.html?x=0&sec=topStories&pos=3&asset=&ccode=
Buffett And Wells Fargo: His Track Record Not As Good As You Might Think
I don't think anyone loves WEB more than me, but I was shocked to see how much he plunked into Wells Fargo at exactly the wrong time.
http://seekingalpha.com/article/293600-buffett-and-wells-fargo-his-track-record-not-as-good-as-you-might-think
http://seekingalpha.com/article/293600-buffett-and-wells-fargo-his-track-record-not-as-good-as-you-might-think
Halliburton Executive Drinks Fracking Fluid At Conference
I hear all the guys on the rigs are doing it.....
http://www.huffingtonpost.com/2011/08/22/halliburton-executive-drinks-fracking-fluid_n_933621.html
http://www.huffingtonpost.com/2011/08/22/halliburton-executive-drinks-fracking-fluid_n_933621.html
Tuesday, September 13, 2011
Pabrai On Reducing Concentration, Why Volatility Matters
I don't always agree with the stock picks Monish makes, but I very much favor his approach
Pabrai 2010 AGM Notes – Why He Has Reduced Concentration and Why Volatility Matters
Pabrai 2010 AGM Notes – Why He Has Reduced Concentration and Why Volatility Matters
Monday, September 12, 2011
Sunday, September 11, 2011
Peters & Co - Energy Conference Sep 13 to Sep 15
http://www.newswire.ca/en/webcast/pages/en/peters20110913/
Is it weird that I get excited to listen to companies present at these things ? Don't judge me, I'm getting older, your interests change.
Is it weird that I get excited to listen to companies present at these things ? Don't judge me, I'm getting older, your interests change.
Friday, September 9, 2011
Thursday, September 8, 2011
Is it agreed then ? We give up on Sears/Lampert ?
Hard to get excited about this one, although that is likely exactly when one should get interested...
http://seekingalpha.com/article/292409-whether-we-should-throw-in-the-towel-on-eddie-lampert-and-sears-holdings
http://seekingalpha.com/article/292409-whether-we-should-throw-in-the-towel-on-eddie-lampert-and-sears-holdings
Wednesday, September 7, 2011
Berkowitz on Why He Has 18% of His Fund in AIG
To piggyback, or not to piggyback on Berkowitz on this one...
http://seekingalpha.com/article/292152-here-is-why-bruce-berkowitz-has-18-of-his-fund-in-aig
http://seekingalpha.com/article/292152-here-is-why-bruce-berkowitz-has-18-of-his-fund-in-aig
Blue Chip Portfolio with a dividend yield double the 10 year Treasury
http://seekingalpha.com/article/291987-blue-chip-portfolio-with-dividend-yields-double-returns-from-the-10-year-treasury
Tell me this portfolio doesn't get you close to 10% over the next 10 years.
Tell me this portfolio doesn't get you close to 10% over the next 10 years.
Tuesday, September 6, 2011
Bellatrix updated presentation and operational update
http://www.bellatrixexploration.com/pdf/110901PresentationSept2011.pdf
CALGARY, Sep. 6, 2011, 2011 (Canada NewsWire via COMTEX News Network) --
TSX: BXE
Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") is pleased to provide the following operational update.
After the extremely wet spring breakup, commencing in August 2011, the Company has four rigs drilling Cardium horizontal wells in central Alberta and is on track to fulfill its drilling goals for the remainder of 2011. Bellatrix currently plans to drill 36 gross wells (25.84 net) in the second half 2011 drilling program. The Company expects to drill approximately 27 gross Cardium horizontal wells (21.8 net) and 9 gross Notikewin horizontal wells (4.04 net) in the West Central area of Alberta in the second half 2011 program.
The Company's drilling success and mapping revisions have resulted in increased inventory. The Company now has 400 net locations in the Cardium light gravity oil play and 174 locations in the Notikewin condensate rich gas resource play yielding over $2.1 billion in future development expenditures based on current costs of drilling.
Bellatrix continues to focus on the development of its core assets and conducts exploration programs utilizing its large inventory of geological prospects. As at June 30, 2011, Bellatrix has approximately 218,067 net undeveloped acres and including all opportunities has in excess of 900 exploitation drilling opportunities identified, representing over 10 years of drilling inventory based on annual cashflow. The Company continues to focus on adding Cardium prospective lands.
The Devonian aged Duvernay shale is emerging as one of the most promising resource plays in Canada. At the end of the second quarter of 2011, Bellatrix had acquired 49 gross (46 net) sections of Duvernay rights. After adjusting for recent expiries, the Company now controls 44 gross (43 net) sections of Duvernay rights in West Central Alberta. Bellatrix is currently planning to drill a horizontal Duvernay test well on the Company's acreage in the first quarter of 2012.
Management is proposing a 2012 capital expenditure program of approximately $180 million which is anticipated to be finalized in the fourth quarter of 2011. Based on the timing of proposed expenditures, downtime for anticipated plant turnarounds and normal production declines, execution of the 2012 plan is anticipated to provide 2012 average daily production of approximately 17,000 BOE per day. The 2012 capital expenditures are expected to be directed primarily towards horizontal drilling and completions activities in the Cardium and Notikewin resource plays.
Bellatrix recently entered into an additional price risk management contract consisting of a crude oil fixed price swap for 1,000 bbls/d for the period January 1, 2012 to December 31, 2012 at a price of CDN $90/bbl. As at September 6, 2011, Bellatrix has entered into commodity price risk management arrangements for 2012 as follows:
CALGARY, Sep. 6, 2011, 2011 (Canada NewsWire via COMTEX News Network) --
TSX: BXE
Bellatrix Exploration Ltd. ("Bellatrix" or the "Company") is pleased to provide the following operational update.
After the extremely wet spring breakup, commencing in August 2011, the Company has four rigs drilling Cardium horizontal wells in central Alberta and is on track to fulfill its drilling goals for the remainder of 2011. Bellatrix currently plans to drill 36 gross wells (25.84 net) in the second half 2011 drilling program. The Company expects to drill approximately 27 gross Cardium horizontal wells (21.8 net) and 9 gross Notikewin horizontal wells (4.04 net) in the West Central area of Alberta in the second half 2011 program.
The Company's drilling success and mapping revisions have resulted in increased inventory. The Company now has 400 net locations in the Cardium light gravity oil play and 174 locations in the Notikewin condensate rich gas resource play yielding over $2.1 billion in future development expenditures based on current costs of drilling.
Bellatrix continues to focus on the development of its core assets and conducts exploration programs utilizing its large inventory of geological prospects. As at June 30, 2011, Bellatrix has approximately 218,067 net undeveloped acres and including all opportunities has in excess of 900 exploitation drilling opportunities identified, representing over 10 years of drilling inventory based on annual cashflow. The Company continues to focus on adding Cardium prospective lands.
The Devonian aged Duvernay shale is emerging as one of the most promising resource plays in Canada. At the end of the second quarter of 2011, Bellatrix had acquired 49 gross (46 net) sections of Duvernay rights. After adjusting for recent expiries, the Company now controls 44 gross (43 net) sections of Duvernay rights in West Central Alberta. Bellatrix is currently planning to drill a horizontal Duvernay test well on the Company's acreage in the first quarter of 2012.
Management is proposing a 2012 capital expenditure program of approximately $180 million which is anticipated to be finalized in the fourth quarter of 2011. Based on the timing of proposed expenditures, downtime for anticipated plant turnarounds and normal production declines, execution of the 2012 plan is anticipated to provide 2012 average daily production of approximately 17,000 BOE per day. The 2012 capital expenditures are expected to be directed primarily towards horizontal drilling and completions activities in the Cardium and Notikewin resource plays.
Bellatrix recently entered into an additional price risk management contract consisting of a crude oil fixed price swap for 1,000 bbls/d for the period January 1, 2012 to December 31, 2012 at a price of CDN $90/bbl. As at September 6, 2011, Bellatrix has entered into commodity price risk management arrangements for 2012 as follows:
13 Stocks in Tilson Portfolio With 10% Plus Drops In August
10% in a month should be frightening, it is more like 10% in a day lately
http://seekingalpha.com/article/291811-13-stocks-in-tilson-s-portfolio-that-had-double-digit-declines-in-august
http://seekingalpha.com/article/291811-13-stocks-in-tilson-s-portfolio-that-had-double-digit-declines-in-august
Monday, September 5, 2011
Sunday, September 4, 2011
Saturday, September 3, 2011
Friday, September 2, 2011
Tilson Thinks Dell Could be a Two or Three Bagger
http://seekingalpha.com/article/291381-whitney-tilson-agrees-with-me-dell-is-dirt-cheap
He must have read my earlier analysis.
He must have read my earlier analysis.
Thursday, September 1, 2011
T2 Partners (Tilson) Hedge Fund Down 13.2% In August
I appreciate the open commentary in his letter. I expect this portfolio is a good one in which to look for bargains.
T2 Partners August Letter - A Horrible Month, A Horrible Year
T2 Partners August Letter - A Horrible Month, A Horrible Year
Canadian Oil Sands Ltd.
5% Yield, I think 60% Upside to Fairly Simple Valuation
http://seekingalpha.com/article/291191-betting-on-higher-oil-prices-consider-canadian-oil-sands-for-5-yield-and-60-upside-potential
http://seekingalpha.com/article/291191-betting-on-higher-oil-prices-consider-canadian-oil-sands-for-5-yield-and-60-upside-potential
Centaur Capital's High Conviction Ideas
http://seekingalpha.com/article/291170-centaur-capital-is-long-tech-and-short-china-retail-treasuries-and-the-yen
Ashton is a solid, risk averse investor. Very sensible approach to managing other peoples money.
Ashton is a solid, risk averse investor. Very sensible approach to managing other peoples money.
Guru Focus September 1, 2011
2005 Whistleblower Letter on Bernie Madoff
2005 Letter to the SEC from Harry Markopolos Explaining that Bernie Madoff’s Hedge Fund Is a Fraud
Idiotic Forbes Piece on Buffett Age
Happy Birthday Mr. Buffett – According to This Forbes Piece You and Your Board Are Too Old
Get Your Investing Degree From Buffett
Buffett Provides an Investing Education in 500 Words
2005 Letter to the SEC from Harry Markopolos Explaining that Bernie Madoff’s Hedge Fund Is a Fraud
Idiotic Forbes Piece on Buffett Age
Happy Birthday Mr. Buffett – According to This Forbes Piece You and Your Board Are Too Old
Get Your Investing Degree From Buffett
Buffett Provides an Investing Education in 500 Words
Subscribe to:
Posts (Atom)