Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
>"Half-face" trials
Am I the only one who immediately thought that this approach was potentially applicable to cellulite treatments as well, and what terminology would likely be used in characterizing the methodology?<
Half-ass trials?
How much do you want to bet that the ASCO website crashes on abstract release day?
I wouldn't be surprised if they tier the abstracts website and charge big bucks for priority access.
At least that's what I'd do.
Rogers: Alberta reverted to 'theft'
I think the headline speaks for itself
http://www.theglobeandmail.com/servlet/story/LAC.20071027.STELMACH27/TPStory/National
October 27, 2007
The Alberta government's decision to sharply raise royalties on oil and gas has damaged its international reputation as a stable place to do business, analysts warned yesterday, as two prominent investment advisers recommended that clients steer clear of the province.
Despite the fallout, several industry analysts expressed relief that the government stopped short of adopting the full report of the royalty commission - which called for an additional $1.9-billion in royalty payments - but instead found some middle ground.
They argued the industry would likely continue to invest in oil sands projects, and other oil production, so long as robust world prices do not fall back below $60 (U.S.) a barrel.
But the compromises weren't enough for influential commodity investment guru Jim Rogers. He said the government's U-turn on royalties - after years in which it had promised a stable investment climate - was "astonishing."
"All politicians revert to theft when conditions work for them. I must confess I thought Alberta's would be among the last sellouts, but clearly I was wrong," Mr. Rogers said in an e-mail exchange from China yesterday. "This is not going to lead to more production from Alberta. Politicians always go for the short-term fix to help themselves and could care less about the long term since they will be gone in the long run. May I suggest everyone be leery even of Alberta."
Dennis Gartman, publisher of a popular investment newsletter, suggested the Alberta royalty plan contributed to a new record oil price - oil closed at $91.86 (U.S.) a barrel yesterday - because it could slow the growth of supply from the oil sands.
"Mr. Stelmach has sided with the populist farmers of rural Alberta who've long looked upon the oil industry with disdain, and has moved to increase the royalties upon much of the oil industry to what we consider to be onerous levels," Mr. Gartman wrote in The Gartman Letter.
"This, in our opinion, is lunacy, mincing no words, and it shall serve to make less oil available, not more available, from Alberta in the future."
Leo Drollas of the London-based Centre for Global Energy Studies, said Alberta should expect repercussions from tax hikes, especially as it looks to attract investment from international firms. "It muddies the waters for the future," he said.
"Governments have to be careful how they handle this. We can understand how they're under pressure to change the terms and extract more from the activity but they have to balance that with investment needs in the future."
Derek Butter of Edinburgh-based Wood Mackenzie Ltd., took a more sanguine view of the royalty changes. He said Alberta is following the lead of oil-rich states around the world by demanding a larger slice of the revenue pie as crude prices have hit record highs in recent years. Just this week, Nigeria announced it is reopening production-sharing contracts with all foreign oil firms operating there to reconsider their "generous terms."
In an interview from Edinburgh, Mr. Butter said Alberta has taken a relatively moderate approach. The government decided to leave the royalty rate unchanged when prices are below $55 (U.S.) a barrel. Wood Mackenzie has calculated the average new oil sands project will have a "break even" threshold of $50, meaning a 10-per-cent return on investment at that level.
"The government has helped the industry by protecting that downside," he said. "There is much less chance of the cancellation of proposed oil sands projects under the government's plan than under the panel's proposals."
Fadel Gheit, analyst with Oppenheimer & Co. in New York, had sounded the alarm after the review panel released its report last month urging more aggressive royalty increases.
But now, Mr. Gheit said sharply higher oil prices will offset any reduced profits the companies would face from the increased royalties.
Two “CanRoy” Investments for the Oil and Gas Boom
By Keith Fitz-Gerald
Contributing Editor
Many investors are convinced that it takes sophisticated investment strategies to rack up big returns.
That’s just flat out wrong.
In fact, the simplest strategies are often the best, and can produce major returns - especially if you align yourself with powerful global trends, such as energy.
Among the best examples of this overall approach that I’ve seen lately are the Canadian Royalty Trusts, or "CanRoys" for short.
These particular investments kick off a nice monthly income, and can offer some alluring tax-sheltering benefits. And those are just gravy. The main course is the huge upside returns that each of these trusts can generate over the next few years.
In Canada We Trust
In case you’re not familiar with the CanRoys, here’s how they work. In one respect, the CanRoys are essentially gas-and-oil companies structured as open-ended trusts. Because they are set up as trusts instead of corporations, there is no taxation at the corporate level, which means that they can - and often do - pay out gobs of cash to their unit holders. Yields of 10% to 20% are not uncommon.
Many so-called investment "experts" seem to think that the CanRoys are all but done, given the Canadian government’s recent decision to tax trusts at the corporate level beginning in 2011. But I disagree.
In fact, I believe the CanRoys will continue to outperform other energy-related investments for the next 12 months or more for two very important reasons:
First, because of a concept known as "currency translation," the more the U.S. dollar declines versus its Canadian counterpart, the more valuable the CanRoys-generated income becomes. In other words, the higher the Canadian dollar rises, the more greenbacks each one can buy when the Canadian currency is translated back into U.S. dollars. Over time, this can really add up - especially when the dollar has plunged to historic lows against the Canadian Loonie, and is likely to fall further still.
Second, because the newly emergent (and increasingly wealthy) [1] China and [2] Middle East economies are awash with cash, they going on a global shopping spree. Not only are the CanRoys alluring investment opportunities for some of that capital, they may also be takeover targets as the [3] Abu Dhabi National Energy Co.’s proposed $5 billion buyout of the PrimeWest Energy Trust ([4] PWI) recently demonstrated.
Now for the inevitable caveat: Not all trusts are the same.
We want to stick with those trusts that have deep reserves and proven management. As we near 2011, and the tax laws begin to change, many trusts will either cease operations altogether, or will start funneling previously distributable earnings into new property acquisitions - which will lower their effective payout yields.
Moreover, the trusts that lack both experienced management and the needed major reserves will find themselves crippled, and will see their valuations plummet like a stone.
However, the trusts that I favor - those that are well positioned and well run - should receive a nice tailwind as the industry consolidates.
Among the many trusts that I follow are two of my longtime favorites - the "Dynamic Duo" of Canadian Energy Trusts:
Enerplus Resources Fund ([5] ERF), which recently yielded 11.05%.
And Canetic Resources Trust ([6] CNE), which recently yielded 14.72%.
Enerplus is one of the oldest and best run trusts available to investors today. It not only possesses very experienced management, it also has deep reserves and a solid grasp on what it will take to grow over the next few years.
Similarly, Canetic is a trust with experienced management and a reserve pool that’s much deeper than most trusts. Plus, they’re on the hunt, having recently acquired Titan Exploration, which helps consolidate their hold on the strategic and energy-rich southwest Saskatchewan region.
There are loads of trusts to choose from, but now that oil is trading above $90 a barrel and the dollar is so weak, I can’t think of a single good reason to exclude either of these two great trusts from your investment portfolio.
I think the US stock market is operating on inertia only. We're nowhere near a bottom.
Canadian Dollar vs US Dollar, year to date.
The exchange rate as of today is $1 USD = $1.0394 CD. If the Fed cuts again, this should only improve (for investors in Canadian assets, that is).
Hi Biomund,
I asked my accountant this question.
The Canadians withhold 15% from your distribution. So the amount that you receive monthly is reduced by 15%. However, 100% of this withholding can be recovered (for taxable accounts) by filing for a foreign tax credit at the end of the year.
If held in an IRA, the Canadian tax is not recoverable.
Also, Canroy dividends are qualified for the 15% rate.
I'd add to that unwise cost-cutting of marketing and R&D budgets.
Kindler is going to look like a goat a few years down the road. As is AMGN's management.
Yes, I think it's a coincidence.
VRUS has traded a paltry 29,000 shares (last I looked) even with this "news." I doubt many insiders are going to be able to squeeze through that kind of volume. I certainly can't.
U.S. "undoubtedly in recession": Jim Rogers
Note the advice (from someone who deserves respect): get out of US$-based investments and into other currencies.
Wed Oct 24, 2007 1:19pm EDT
LONDON (Reuters) - The United States has entered a recession, according to highly-regarded investor Jim Rogers, who told Britain's Daily Telegraph newspaper on Wednesday he was switching out of the dollar and into yen, the yuan and the Swiss franc.
The veteran investor, who predicted the 1999 commodities rally, also said he was still bullish about surging Chinese stock markets despite worries over a bubble.
Fears are growing over the health of the U.S. economy after the fallout from the subprime mortgage market crisis and the global credit crunch it triggered.
The U.S. Federal Reserve has already slashed borrowing costs by 50 basis points to 4.75 percent to try and shore up the world's biggest economy and is widely expected to lower interest rates again next week.
"The US economy is undoubtedly in recession," Rogers told the Telegraph in Hong Kong in an article published on its Website.
"Many parts of industry are actually in a state worse than recession. If it were not for (Federal Reserve Chairman Ben) Bernanke putting huge amounts of money into the market, the stock market would probably be down much more than it is."
Rogers, who co-founded the Quantum Fund with billionaire investor George Soros in the 1970s, said it made sense to desert the dollar.
"All other things being equal during the next six months, that's the way I will go," he said. "But if the Swiss franc goes through the roof, I probably won't put money into the Swiss franc."
And he dismissed worries for now that surging Chinese equities had formed a bubble.
The Shanghai Composite Index (.SSEC: Quote, Profile, Research) settled 1.2 percent higher on Wednesday at 5,843 points. This time last year the index was trading around 1,800 points.
"It's not a bubble yet -- if it goes past 9,000 in January I'll have to sell. Bubbles always end badly," he said. "I do not want to sell Chinese stocks. I want to own them forever and I want my (four year-old: Quote, Profile, Research) daughter to own them!
VRUS
Doesn't look to me like anyone is dumping VRUS wholesale. Including me.
This is the part I like:
>The distribution of Cdn $0.225 per trust unit is equivalent to approximately U.S. $0.235 per trust unit using a U.S./Canadian dollar exchange ratio of 0.9642.<
Now, anyone want to make a side bet on the US-Can exchange rate on Dec 31?
I don't have crickets, unfortunately.
But you can roughly estimate the temperature outside by the number of giant American cockroaches the cats catch per week. As the temperature goes down, they catch more.
Unfortunately this estimate is no longer as accurate as it once was. Since the Fish Market left South Street Seaport, the cockroach population has declined significantly. I'm trying to account for this in my spreadsheet model.
I'm adding a link in the I-Box to the fed funds futures data.
Thanks again.
OT: This is bizarre--I'm walking around in NYC in a t-shirt and it is almost November. And there have been no days that required a coat since about March. Plus my garden is still in full bloom.
Normally, I'd enjoy this, except for the fact that I own a bunch of Canroys. Come on bitter cold!
ARAY
I second that...I've been out for a while at a reasonable profit. Decent trade, but not a company I wanted an LTR with.
Huh. Thank you--learned something new today. (Fed funds futures are not something I tended to worry about with biotech).
As of today, CAN$1.00 equals 1.0348 US Pesos
So anyone want to bet on another rate cut? I say 50/50.
You know what that means: small hands.
In case nobody's watching, IDEV is very close to 52-week highs post-Allergan deal.
>Trodusquemine, causes nausea<
Drug-induced nausea is an excellent way to lose weight.
Seriously, though, I don't think this is a fatal flaw. The GLP-1 agonists (well, at least exenatide) cause nausea.
>Although the EMEA’s Atripla label excludes the treatment-naïve setting, I doubt that this exclusion will have much practical significance in impeding the switch from Truvada+Sustiva to Atripla.<
The impediment is reimbursement.
>They should be ridiculed for doing the worst marketing job in pharma history.<
I tried to talk them out of 30-minute sales calls.
Why not sell the entire Androxal program and declare a special dividend, holding enough back to complete the Proellex program.
Hey,
I wasn't commenting on the value of SCHIP or on the structure of the program, although I would disagree that SCHIP is "ill thought out." It's no better or worse than Medicare Part D.
All I was saying is that if they were going to make a stand on something, this probably wasn't the best choice from a PR standpoint. It's just another nail in the Repub coffin. They haven't a snowball's chance in hell of retaining a meaningful voice in government after the elections.
Wow. The Republicans really shot themselves in the foot with this one. There goes my tax break.
Urgent request--am I drunk or does this make no sense at all?
ANALYSIS-Oil price surge obscures emerging refinery cushion
SINGAPORE/NEW YORK, Oct 17 (Reuters) - Oil's thundering rally
over the past six days may be masking a bearish turning point for
the market -- the recovery in refining capacity, which could end
a three-year squeeze on global fuel supplies.
If, as many analysts expect, refiners manage to bring new
plants onstream on time next year, the world may enjoy its
biggest margin of spare fuel supply capacity in years, relieving
one of the major risk factors that has lifted oil prices.
It would also put the market's spotlight back on crude oil
fundamentals, potentially improving OPEC's ability to put a cap
on prices after years in which the promise of additional crude
meant nothing to refiners unable to process.
"I think we're coming to a point where we're turning the
corner to a crude push rather than a product pull, which
obviously isn't good for margins," says Jeff Brown, managing
director at FACTS Global Energy, a consultancy that advises oil
companies about investments in the refining sector.
Traders say the past week's activity has shown that crude --
not oil products -- is in the driver's seat for now. U.S. crude
catapulted 10 percent to a new record high of $88.20 a barrel.
The premium for heating oil futures over crude <CL-HO1=R> has
dropped about $2 to nearly $10 a barrel as crude rallied;
gasoline's premium <RB-CL1=R> has languished at only $4.
Even as the market seems to be signalling that fuel supplies
are adequate, prices have roared higher on a surge in investment
funds triggered by the threat of violence in northern Iraq and
fears over insufficient crude oil supplies this winter.
"Speculation on crude is leaving fair value far behind," said
Tim Evans, energy analyst at Citigroup Futures Research. "Demand
is weak and crude oil could roll over and die at almost any
juncture here."
The product lag is partly due to the seasonal autumn ebb in
consumer demand, which could quickly reverse this winter.
But some analysts say it may also be the first sign that the
world's refiners -- whose underinvestment laid the foundation for
oil's meteoric rise -- are finally catching up with demand.
FACTS estimates that 2 million barrels per day (bpd) of basic
crude refining capacity and 1.5 million bpd of cracking capacity
-- upgrading products into premium fuels such as gasoline and
diesel -- will come onstream in Asia and the Middle East in 2008.
That outstrips regional demand projected to grow by 1.2
million bpd, good news for an oil market on edge over a shortage
of refined fuel supply, bad news for refiners such as Valero
Energy Corp VLO, Europe's Total <TOTF.PA> or Japan's Nippon
Oil Corp 5001.TK who have enjoyed booming profits.
LONG IN COMING
The capacity growth is no surprise -- the margin boom since
2004 provoked a wave of very public investment in the notoriously
cyclical sector, especially in Asia and the Middle East.
The situation has already improved from a low point in 2005,
when global refining capacity exceeded oil demand by only 3.4
percent, less than half the "supply cushion" that existed in
2001, according to BP's Statistical Review.
Excess capacity expanded slightly to 4.2 percent last year,
and greater relief may be emerging sooner than expected.
The International Energy Agency (IEA), which advises the
industrialised world on energy policy, expects refinery capacity
growth to outpace oil demand by nearly 1 million bpd over the
next five years, with the biggest tranches in 2011 and 2012.
After a three-year delay, Royal Dutch Shell <RDSa.L> and
Saudi Aramco agreed last month to proceed with a $7 billion
expansion of their joint-venture Texas refinery by 2010, adding
325,000 bpd of capacity, the biggest U.S. project in decades.
Some of the tightest products will get relief sooner.
"By 2008 we'd expect to see gasoline supply ease...
Distillates are more likely to be 2009," said David Martin,
refining sector analyst at the IEA.
Next year's biggest event will be the christening of Reliance
Industries <RELI.BO> new 580,000-bpd refinery, the first of a
series of mega-plants planned across Asia and the Middle East.
Sinopec Corp 0386.HK 600028.SS and PetroChina 0857.HK
are due to deliver an estimated 500,000 bpd next year, after
almost no growth in 2007.
Signs of stagnant demand in the United States have also
helped to ease the squeeze. Total product demand over the past
four weeks is flat versus a year ago, U.S. data show.
RISK STILL LOOM
But some analysts warn that the recent weakness in product
prices may be a false dawn, a repeat of last year's autumnal
softening rather than a cyclical turning point.
"The crude oil run up is largely due to a surge in fund
buying and index buying, and they want crude not products," said
Eric Wittenauer, oil analyst at A.G. Edwards in St. Louis.
"But into the spring I would anticipate the market will look
toward the products as a driver again."
Crack spreads fell sharply at this time a year ago, and
remained weak throughout much of the winter, which was among the
warmest on record in the United States and Asia.
But that period of relief proved to be short-lived, and
margins rallied through the spring as the U.S. refining sector
entered a heavy maintenance period, coupled with a wave of
unexpected disruptions. By May, with gasoline stocks well below
normal levels, the gasoline crack was back near $40 a barrel.
Other analysts like those at consultants PVM say demand
growth will exceed new refining capacity this year and next,
extending the bottleneck for several more years.
But even if 2008 proves a pivotal year for refinery output,
there is no guarantee that tightness would not reemerge later in
the decade if soaring construction costs and a gloomier profit
outlook prompt companies to scrap expansion plans.
South Korea's S-Oil Corp 010950.KS, one-third owned by
Saudi Arabia, has frozen plans to nearly double its capacity,
while ConocoPhillips COP may not proceed with the big Middle
East joint-ventures it has been planning since last year.
"As soon as your costs go up, it causes people to stop and
think," said the IEA's Martin.
>rfj... how is AFN treating you? I'm going to look into but will probably wait closer to next dividend to possibly buy.<
AFN has been a major drag on my portfolio. I think there is a basic misunderstanding that this company is not closely linked to the subprime debacle. If you're looking for dividend capture, I'd wait until just before ex-dividend; if you're looking for a longer-term relationship with AFN, wait until they confirm the dividend...should skyrocket if they maintain the dividend.
CNE
Canetic Resources Trust to acquire Titan Exploration Ltd. creating dominant position in strategic southwest Saskatchewan trend
CNE strengthens its position again. Down slightly on the news, but long-term this is great news.
Thursday October 18, 8:29 am ET
CALGARY, Oct. 18 /PRNewswire-FirstCall/ - (TSX - CNE.UN; NYSE - CNE) Canetic Resources Trust ("Canetic") is pleased to announce that it has entered into a pre-acquisition agreement (the "Agreement") with Titan Exploration Ltd. ("Titan") pursuant to which Canetic will make an offer to acquire all of the issued and outstanding shares of Titan in exchange for 0.1917 of a Canetic trust unit ("Canetic Unit") for each Titan Class A Share (TTN.A) and 0.6609 of a Canetic Unit for each Titan Class B Share (TTN.B). The total transaction value is approximately $116 million including Titan's net debt of approximately $17.5 million. It is expected that approximately 6.5 million Canetic Units will be issued to effect the acquisition.
The Board of Directors of Titan has unanimously agreed to support the offer and has unanimously resolved to recommend that all Titan shareholders tender their shares in acceptance of Canetic's offer. FirstEnergy Capital Corp. acted as exclusive financial advisor to Titan with respect to the transaction and has provided Titan's Board of Directors with its verbal fairness opinion that the consideration to be received by Titan's shareholders pursuant to the offer is fair, from a financial point of view, to Titan shareholders.
The Agreement provides for a non-completion fee of $3.5 million, payable by Titan to Canetic in certain circumstances and a non-completion fee of $1.7 million, payable by Canetic to Titan in certain circumstances. The Agreement also contains customary non-solicitation covenants and Titan has reserved the right, subject to certain conditions, to respond to superior proposals, which Canetic has the right to match. In connection with the offer, directors and shareholders of Titan holding approximately 11 percent of the Class A Shares of Titan and 9 percent of the Class B Shares of Titan (each on a fully diluted basis) will enter into lock-up agreements with Canetic pursuant to which they will agree to tender their Titan shares to the offer.
Full details of the offer will be included in a take-over bid circular and related documents that are expected to be filed with securities regulators and mailed to all Titan shareholders on or before November 15, 2007. Under the terms of the Agreement, Canetic's obligation to take-up and pay for the Titan Class A shares and Titan Class B shares is subject to a number of customary conditions, including the deposit of at least 66 2/3 percent of outstanding Titan Class A shares and Titan Class B shares (on a fully diluted basis) to the offer and the receipt of all required regulatory approvals.
Upon completion of the Titan acquisition, Canetic will acquire production of over 1,800 barrels of oil equivalent ("boe") per day, weighted 63 percent to oil, and a Canetic estimated 7.3 million boe per day of proved plus probable reserves with a Reserve Life Index ("RLI") of approximately 11 years. Importantly, Canetic will also acquire over 49,000 gross (23,700 net) acres, in the Leitchville area of Southwest Saskatchewan, in close proximity to Canetic's existing 45,100 gross (41,200 net) acres, to create a dominant position in the emerging and strategically significant Lower Shaunavon trend. Current Titan production in Southwest Saskatchewan exceeds 900 boe per day.
STRATEGIC RATIONALE
Canetic continues to execute on its multi-pronged strategy to develop and exploit its high quality asset base while continuing to expand its opportunity portfolio through the selective acquisition and consolidation of holdings in strategic core areas and emerging plays. The Titan acquisition provides an opportunity for Canetic to acquire and consolidate a significant and controlling land position in the Leitchville area of Southwest Saskatchewan, an area identified as an emerging play with significant potential for ongoing development and long-term reserve addition. Over the course of 2007, including a significant land sale on October 1, 2007, Canetic has been actively acquiring acreage on the Lower Shaunavon trend accumulating 19,760 acres to date at a cost of approximately $24 million.
The Titan acquisition, in addition to the acreage acquired in October, expands Canetic's identified drilling inventory in the Lower Shaunavon trend by more than one third to approximately 300 gross (243 net) drilling locations. The Titan lands serve to extend Canetic's existing position to the south and strongly complement Canetic's existing holdings in the area adding additional flexibility and control of development with an average interest of approximately 70 percent on lands held.
The Lower Shaunavon trend contains large oil-in-place reservoirs characterized by pay zones ranging from four to 16 meters in thickness with lower permeability and 22 degree API crude. While development has taken place in the region for several years it has been largely focused in the Upper Shaunavon due to difficulty in producing from the Lower Shaunavon trend. However, over this past year significant improvements have been made to drilling and completions techniques with further improvements and refinements expected as additional drilling and completions activity takes place. These recent break-throughs in drilling and completions techniques, similar to those being applied in the emerging Bakken play, have proved key to the potential "unlocking" of significant reserves and production in the Lower Shaunavon trend. The Upper Shaunavon continues to offer significant potential for enhanced recovery moving forward.
Canetic's current development plans in the Leitchville area contemplate the drilling of four horizontal wells per section. Canetic has identified more than 240 net locations and believes that there are significant volumes of original oil-in-place. Recent competitor drilling to seven wells per section on parts of the play directly offsetting Canetic has seen good initial success supporting Canetic's view that increased well density, thicker pay and the potential for enhanced recovery could also lead to substantial recoverable reserve additions over time.
In addition to the production and lands in Southwest Saskatchewan, Canetic will also acquire approximately 900 boe per day of production located in the northern regions of Alberta and British Columbia. Approximately two-thirds of this production is located in the highly sought after Peace River Arch region in close proximity to Canetic's existing lands.
ACQUISITION METRICS
The acquisition of Titan is expected to be accretive to Canetic's production, reserves and cash flow on a per unit basis, based on Canetic's current development plans and internal long-term view of reserves, cash flow and production profile of the Titan assets. Canetic anticipates it can significantly increase production and reserves associated with the existing Titan assets and has planned a comprehensive, multi-year development program, with particular focus in the Lower Shaunavon trend.
The total value of the transaction is estimated at approximately $116 million, exclusion of Titan's estimated land value of $25 million results in the addition of over 1,800 boe per day at an average cost of $49,200 per boe per day and 7.3 million of proved plus probable reserves at an estimated $12.50 per boe, based on Canetic's internal reserve estimates. No value has been ascribed to the estimated $60 million of existing tax pools in the determination of related acquisition metrics.
ADDITIONAL INFORMATION
A powerpoint presentation containing area overview maps, relevant development metrics and key play characteristics is available for viewing by following the related links on Canetic's website at www.canetictrust.com.
Canetic is one of Canada's largest oil and gas royalty trusts. Canetic trust units and debentures are listed on the Toronto Stock Exchange under the symbols CNE.UN, CNE.DB.A, CNE.DB.B, CNE.DB.C, CNE.DB.D, and CNE.DB.E and the trust units are listed on the New York Stock Exchange under the symbol CNE.
ADVISORY: Certain information regarding Canetic, including statements relating to the offer and the closing date thereof, production estimates, reserve estimates, reserve life index, acreage to be acquired, business strategy, benefits of the acquisition of Titan, drilling plans, recovery estimates, cost estimates, production efficiencies may constitute forward-looking statements under applicable securities law and necessarily involve risks, including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, failure to realize expected acquisition synergies, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, ability to access sufficient capital from internal and external sources, failure to obtain required regulatory, shareholder and other approvals, and changes in legislation, including but not limited to tax laws and environmental regulations. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Canetic's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the SEC's website (www.sec.gov) or at Canetic's website (www.canetictrust.com).
United States Considerations
The offer will be made for the securities of a Canadian trust. The offer will be subject to Canadian disclosure requirements that are different from those of the United States. Financial statements included in the takeover bid circular, or incorporated by reference therein, as well as financial statements of Canetic, have been prepared in accordance with Canadian accounting standards that may not be comparable to the financial statements of United States companies.
It may be difficult for shareholders of Titan in the U.S. to enforce their rights and any claim they may have arising under the U.S. federal securities laws, since Canetic is located in a foreign country, and some or all of its officers (if any) and trustees and the officers and directors of Canetic Resources Inc. may be residents of a foreign country. Shareholders of Titan in the U.S. may not be able to sue a foreign trust or its officers (if any) or trustees, or the officers or directors of Canetic Resources Inc., in a foreign court for violations of U.S. securities laws. It may be difficult to compel a foreign trust and its affiliates, including its officers (if any) and trustees and the officers and directors of Canetic Resources Inc. to subject themselves to a U.S. court's judgment.
I had no idea you had a Canroy board. Nice.
http://investorshub.advfn.com/boards/board.asp?board_id=8810
>There are MDs in Pharma companies, mainly Research scientists, and not reps.<
Every brand team has multiple dedicated physicians (sometimes called medical directors).
OT: Is anyone aware of a decent stock screener for ex-US stocks?
The thing that's bizarre about it is they raise their target to "outperform", lower their target price to $28 (which HTE had already exceeded) and they release their upgrade a few days before ex-distribution. Odd.
Such potential enrollees have enough problems that the effect of testosterone is likely to confounded by other factors.
Harvest Energy Trust
Briefing.com - October 17, 2007 9:31 AM ET
This is bizarre.
RBC Capital Mkts resumes Outperform. Target $34.5 to $28. RBC assumes coverage of HTE with an Outperform and cuts their tgt to $28 from $34.50 saying they believe Harvest will outperform its peers due to its sustainable base business, as well as resource upside from enhanced oil recovery potential and refinery upside from upgrade/expansion opportunities.
And how do you propose to design a trial with a primary composite end point of multiple endocrine outcomes?
The primary end point will be testosterone. <--that's a period.
>I am planning all my holidays in the US and all my major purchases such as furniture and trucks will be American. All my friends are thinking the same. Best of luck my American friends.<
And I opened a Canadian savings account a few months ago, and RPRX is one of my few US investments.
We need luck.
[All of this off-topic, of course]
>The only other endpoints available are T and endocrine.<
People, people, testosterone is an endocrine hormone. Although RPRX should have been more specific, presumably the endocrine end point they are referring to is testosterone only.
Guess I'm going to have to call.
>Discussing the relationship further and potentially doing more studies that show a (+) correlation between low T due to pituitary failure and things like high glucose or other wide spanning metabolic abnormalities means two things: on the negative perhaps an additional US study teaing out these relationships prior to the pivotal two PIIIs<
There is zero chance that they would be required to do an additional study *before* the phase IIIs to examine the effects of Androxal on metabolic end points. Metabolic end points are very likely to be included as secondary end points of these studies and/or the primary end point of a smaller study that could act as the foundation of an sNDA and expansion of the market for Androxal.
In fact, I would not be surprised if they conducted a small, quick proof-of-concept study to enhance the sale value of Androxal and left it to future partners to do a pivotal.
>Where do you see RPRX ending the day tomorrow (Tue)?<
You didn't ask me, but RPRX should go up nearly the equivalent of what it would if positive results from a pivotal phase III trial were announced. Positive endocrine results for future trials of Androxal are nearly 100% certain.
It's not going to happen, of course. There seems to be a fundamental misunderstanding of this company and its products.