full-time investing; total portfolio up over 130% in 2009; but 2010 sucks!
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Lawsuit: Anyone have any idea whatsoever how soon the court may rule on the case?
Cough, choke, chortle, spin.
TGA news today updated operations. Outlook for 2012 indicates a very large increase in daily production.
SPIN, the symbol, also describes the way they tell the story to sell the stock.
SPIN it this way; SPIN it that way; don't take brains for an answer.
I'd actually feel foolish buying a stock with SPIN for a symbol.
Fundamentally, I don't like the way they tell the story. It's not like they are in the business of doing lots of typical orthopedic surgeries after a course of conservative treatment, but rather they are underwriting quick, high-cost "pain-killing" treatments to support lawsuits.
The term "ambulance chaser" comes to mind.
JMHO ...
'peeker
Well, rare earth exports from China are being restricted. Maybe we can get Cl001 and/or BobWins to weigh in on which rare earths to invest in.
See below:
http://www.smh.com.au/business/china-blocks-rare-earth-exporter-20111218-1p0rj.html#ixzz1gyuJBBVQ
VPHM was upgraded by a couple of brokers, and OPTR was also upgraded related to C. Difficule treatments.
{[No, I'm not playing VPHM this time]}
15-Dec-11 07:50 ET VPHM
ViroPharma upgraded to Strong Buy at WBB Securities; tgt raised to $31.25 (27.80 )
WBB Securities upgrades VPHM to Strong Buy from Buy and raises their tgt to $31.25 from $24.50 following the announcement that the FDA approved its supplemental New Drug Application for labeling modernization of Vancocin (vancomycin hydrochloride capsules, USP). Firm notes VPHM believes this sNDA qualifies Vancocin for three years of exclusivity, during which generic vancomycin capsules will not be approvable. The firm believes this is a stunning development, which is likely to provide Vancocin with three more years of exclusivity, which will translate into continuing revenue and positive net income for VPHM.
15-Dec-11 06:54 ET VPHM
ViroPharma target raised to $32 at Oppenheimer (27.77 )
Oppenheimer raises their VPHM tgt to $32 from $23 after VPHM announced the modernization of labeling for Vancocin which became effective upon the FDA's approval of the sNDA. The firm believes Vancocin will have exclusivity for the next three years, effectively removing the overhang associated with a near-term generic threat. They believe VPHM's pending Citizens Petition has been positively impacted by suggestions to require generic Vancocin prove in vitro bioequivalence in addition to utilizing a modern assay to measure dissolution of the drug.
15-Dec-11 08:43 ET OPTR
Optimer Pharma: Extension of Vancocin brand should sustain marketing leverage for Optimer - Brean Murray (11.96 )
Brean Murray believes the news that Viropharma (VPHM) has received a sNDA approval for Vancocin, providing for 3 years of exclusivity, is a material positive for Optimer. It believes that concerns over a near-term generic vanc has limited upside to the stock given that Optimer is selling Dificid into a market where Vancocin has been used as the standard of care for more severe and relapsed cases of CDI. Firm believes it is a much easier argument to convince doctors to use Dificid when the alternative is another expensive drug with an inferior profile than a cheap generic drug with an inferior profile.
OT: Too salty? Try washing them down with Beer!
Rawnuts, very dramatic stuff there. You should consider writing for Seeking Alpha, but your handle is too long; might wanna try NumbNuts!
All in fun!!!!
'peeker
Yup, might be a good idea that he park his Raw_Attitude out in the tumbleweeds before SPIN-ing into town.
VPHM up over $4 today; that's >19% pop on the news.
VPHM buy at the reopen would have been a good idea. The big outstanding pressure on VPHM price has been that Vancocin would be allowed to go generic, as it is the big moneymaker for VPHM.
14:30 VPHM resumes trading at 3pm EST. VPHM announces approval of modernized labeling for Vancocin (vancomycin hydrochloride, USP) capsules (23.36 -0.23)
Through the sNDA approval, Vancocin's label for the first time includes clinical safety and efficacy data for Vancocin in treating currently circulating strains of Clostridium difficile, including the BI/NAP1 strain. Vancocin's labeling now includes important safety and efficacy data from 260 patients with C. difficile associated diarrhea treated with Vancocin in two pivotal studies of Sanofi-Aventis' (SNY) Genzyme Corporation's investigational drug, tolevamer. The co purchased exclusive rights to the two studies from Genzyme for which it will pay Genzyme royalties of 10%, 10% and 16% on net sales of Vancocin for the three year period following the approval of the sNDA. As a result of today's sNDA approval, ViroPharma believes Vancocin meets the requirements for, and thus has, three years of exclusivity, and that generic vancomycin capsules will not be approved during this period. Ultimately, the decision on a grant of three-year exclusivity and its effect on generic vancomycin capsule approvals resides with the FDA... Co also provided updates on ViroPharma's ongoing citizen petition and litigation with the FDA regarding Vancocin. ViroPharma has two suits pending against FDA regarding Vancocin. Oral arguments on the district court's procedural dismissal of this suit are currently scheduled for January 13, 2012 before the United States Court of Appeals for the District of Columbia Circuit. (stock is halted)
14:26 VPHM halted, news pending (23.36 -0.23)
14:30 VPHM announces approval of modernized labeling for Vancocin (vancomycin hydrochloride, USP) capsules (23.36 -0.23)
(stock halted)...
Well, that was hardly worth halting, one wouldn't think.
10:31 Crude oil ticks to fresh lows following inventory data; now off $2.99 at $97.16
OT: Kozuh, in summary, you are truly my mother from another brother.
PBN.to/PBKFF.pk PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN), a 59% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to announce a new director, provide an update on our current operating activities and our initial 2012 capital plan. We are also pleased to announce that we are implementing a Dividend Reinvestment Plan ("DRIP").
Appointment of New Director
We are very pleased to announce the appointment of W. Brett Wilson to the Board or Directors of PetroBakken. We are confident Mr. Wilson's 25 plus years of investment banking experience, primarily as co-founder of FirstEnergy Capital Corp., will be a valuable addition to our ongoing strategic direction and governance team at PetroBakken.
Operational Update
Production in early December has reached over 48,000 barrels of oil equivalent per day ("boepd") (87% light oil and NGLs), a 23% increase over third quarter 2011 production levels, based on field estimates. Our Bakken business unit production is over 23,000 boepd and our Cardium business unit production now exceeds 14,750 boepd (with over 1,450 boepd currently shut-in awaiting tie-in to gas conservation systems), with the remainder of the production generated by our Saskatchewan conventional and AB/BC business units. We continue to forecast a 2011 exit production rate of over 49,000 boepd.
Initial 2012 Capital Plan
We are also pleased to announce our initial capital plan for 2012, which allow us to build on our 2011 operational success. We anticipate capital development expenditures of approximately $700 million, primarily focused on horizontal drilling and completions, predominantly in the Bakken and Cardium light oil plays. We expect that this drilling-focused activity will generate a 2012 exit production rate of between 50,000 and 54,000 boepd. Our estimated year-over-year average production growth will exceed 15%, on an absolute and per-share basis. We expect this initial 2012 program to be executed entirely from funds from operations, with surplus cash flow available to fund dividends and debt repayment.
For 2012 we estimate that our corporate base decline rate will be in the range of 30-35%. In 2010, our base production declined approximately 40%, while the 2011 base decline rate is now forecast at approximately 35%. We have been encouraged by the results of our recently completed wells, and we are also beginning to see the benefit of the continued maturation of our producing assets with a significant proportion of our production now coming from older, shallower decline, horizontal wells.
Capital plans for 2012 will focus primarily on our light oil resource plays in southeast Saskatchewan for the Bakken and central Alberta for the Cardium, as well as our Mississippian conventional light oil play in southeast Saskatchewan. The majority of our 2012 capital spending is expected to be used to drill, complete and equip ("DC&E") over 183 net wells (due to bilateral wells this represents over 240 net horizontal well bores) for approximately $545 million. The plan also includes investments of approximately $155 million in facilities, land, seismic, recompletions and direct administration capital.
In southeast Saskatchewan, we expect to drill 96 net Bakken wells (including approximately 58 net bilateral wells) and 35 net conventional wells. Overall, we plan on spending $290 million of DC&E capital in southeast Saskatchewan, comprised of $225 million in the Bakken (including EOR spending) and $65 million in our conventional Mississippian plays. We will also continue to invest in our EOR pilots to evaluate several injection configurations, primarily using natural gas. Currently, we have five pilot projects underway that are in various stages of implementation. It is expected that we will have our second pilot on injection in Q1 2012, with three others being added by the end of Q3 2012.
In Alberta and British Columbia we plan to drill 49 net wells for DC&E capital of $225 million in our Cardium business unit and three wells in our AB/BC business unit for $30 million. The majority of our Cardium drilling will be focused on West Pembina. In our AB/BC business unit, activity will further delineate and evaluate our new oil resource plays building on our 2011 drilling program where we have drilled three wells and are currently drilling one additional well. At this time, we estimate we have identified over 100 drilling locations in the new oil resource play areas.
As part of our ongoing balance sheet management, and to reward continuing support from existing shareholders, we are pleased to announce the implementation of a DRIP. The DRIP provides eligible holders of common shares resident in Canada the opportunity to reinvest their monthly cash dividends in PetroBakken shares at a 5% discount to the then current market prices. Petrobank (59% shareholder of the Company) has indicated an intention to participate in the DRIP with respect to 50% of their PetroBakken shares, which will amount to $53 million in additional liquidity to the Company on an annual basis. Subject to the receipt of approval of the Toronto Stock Exchange, the DRIP will be implemented for the January 2012 dividend, which is payable in mid-February 2012. Additional information regarding the DRIP can be found below.
We are expanding our hedging program to hedge up to 20,000 bopd of our net production in the first half of 2012 in order to provide further cash flow security. This is an increase to our past practices in which we hedged approximately 25% of our production. To-date, we have 12,750 bopd hedged for the first half of 2012 at an average floor of $80.49 and a ceiling of $113.92. For the second half of 2012 we have 8,500 bopd hedged at an average floor of $76.62 and a ceiling of $119.77. This increased hedging program has been adopted to allow us to lock in strong oil prices as we move into 2012.
Dividend Reinvestment Plan
The DRIP provides eligible shareholders with the opportunity to reinvest their monthly cash dividends in new shares at a 5% discount to the then current market price. Only shareholders who are resident in Canada may participate in the DRIP. Shareholders not resident in Canada are not eligible to participate.
No commissions, service charges or brokerage fees will be payable by DRIP participants in connection with the reinvestment of their dividends in PetroBakken shares. However, beneficial shareholders who wish to participate in the DRIP through their broker, investment dealer, financial institution or other nominee who holds their shares should consult that nominee to confirm what fees, if any, the nominee may charge to enroll in the DRIP on their behalf or whether the nominee's policies might result in any costs otherwise becoming payable by the beneficial shareholder.
Participation in the DRIP will not relieve shareholders of any liability for taxes that may be payable on dividends. Shareholders should consult their own tax advisors concerning the tax implementations of their participation in the DRIP having regard to their own particular circumstances.
Shareholders who hold a physical share certificate to evidence their ownership of common shares (commonly referred to as registered shareholders) can enroll in the DRIP by delivering a completed enrolment and authorization form to Olympia Trust Company ("Olympia"). The enrolment and authorization form will be available on our website at www.petrobakken.com, or by contacting Olympia at 403-668-8887 or via email at corporateactions@olympiatrust.com. Enrolment and authorization forms must be received by Olympia by no later than 3:00 p.m. (Calgary time) on the business day prior to the record date in respect of a dividend in order to participate in the DRIP for the corresponding dividend. The first record date for which shares will be eligible for participation in the DRIP is anticipated to be January 31, 2012.
Shareholders who hold their common shares through a broker, investment dealer, financial institution or other nominee (commonly referred to as beneficial shareholders) can contact the party holding their common shares to request that their shares be enrolled in the DRIP. Beneficial shareholders should be aware that (i) certain brokers, investment dealers, financial institutions or other nominees may not allow participation in the DRIP and (ii) certain brokers and investment dealers may reinvest dividends received by their clients by purchasing additional shares in the open market at prevailing market prices (in which case such clients would not receive the discount offered under the DRIP for common shares acquired from treasury). Neither PetroBakken nor Olympia is responsible for monitoring or advising which brokers, investment dealers, financial institutions or other nominees allow participation in the DRIP.
Shareholders are not required to participate in the DRIP. Shareholders who do not participate will continue to receive monthly cash dividends on their PetroBakken shares.
IAE.to/IACAF.pk Ithaca FPSO delayed into Q1 for additional mods.
Athena Project: FPSO and Installation Update
December 9, 2011
Ithaca Energy Inc. (TSX:IAE)(AIM:IAE) announces progress on the BW Athena Floating Production, Storage and Offloading
(FPSO) vessel.
The FPSO conversion scope, which is the responsibility of BW Offshore, has proved to be more extensive than was
envisaged at the start of the project. In spite of the increase in the amount of work required, BW Offshore and Dubai
Dry Docks have completed a fast track engineering project to deliver the vessel very close to the original schedule.
After very recent consultation on health and safety requirements, additional redundancy is being introduced in the
vessel power and heading control systems in response to the North Sea incident in 2011 when the Gryphon FPSO suffered a
mooring system failure. The additional work now being undertaken is aimed at ensuring that production startup is not
delayed once the vessel has arrived at the Athena field.
Payments for the vessel by the Athena Joint Venture remain unchanged and will commence, by way of a day rate to BW
Offshore, only once the FPSO is moored over the Athena field and produced oil is transferred into the vessel's storage
tanks. Once the vessel leaves Dubai, it will sail to the North Sea and hook up to the pre-installed production buoy. In-
field commissioning will be minimized by the comprehensive dockside commissioning being undertaken in Dubai. The journey
to the UK and in-field pre-startup works will take approximately 5 weeks.
Accordingly, the FPSO will remain in Dubai docks to complete all commissioning work and some minor modifications to the
vessel power and heading control systems. It is now anticipated that the vessel will sail from Dubai in early 2012.
The installation of subsea equipment at the Athena field location has progressed well and remains within schedule. The
submerged buoy mooring system and all flowlines have been laid and connection is in progress. Installation of the power
and control umbilicals and the connection of flexible risers to the riser base and submerged buoy is ongoing and will be
complete well before the FPSO arrives in the field.
Meanwhile, all Athena development wells are now ready for production and the Sedco 704 drilling unit is off contract.
Iain McKendrick, CEO, commented:
"This short term delay is clearly disappointing but it does not change the fundamental value of the project. Athena is a
highly valuable development that will more than double net production and further diversify the Company's production
portfolio. Both Ithaca and BW Offshore want to ensure and maintain the highest standards of vessel integrity upon
arrival in the field to maximize production uptime and value to the project."
Joint Venture partners in the Athena field are: Ithaca, operator (22.5%), Dyas UK Limited (47.5%), EWE
Aktiengesellschaft (20%) and Zeus Petroleum Limited (10%).
MMT.v looks like it's starting the day down about a nickel.
08:25 MALL upgraded ...
PC Mall upgraded to Outperform from Underperform at Raymond James; tgt $7 (5.88)
MMT.v/MAUXF.pk Pescod Letter with Chen's Mart comments seems to have been the catalyst?
11:43 TAOIF TAG Oil intends to launch a normal course issuer bid to purchase up to 4,427,774 of its common shares through the facilities of TSX. (6.14 +0.06)
There have not been any previous purchases under a normal course issuer bid by TAG within the past 12 months.
MMT.v/MAUXF.pk DigiTech, Congratulations on the nice move today. Any rumors you can share about pipeline deals? Any rumors about who's accumulating MMT this week? Any particular rationale for the strong move? BoM? Some broker in NYC? Was it the Pescod newsletter?
I guess "Only the shadow knows..."
KiK, thanks for your perspective. Sounds reasonable, but the news about discontinuation of ADRs sounded so strange I choked on it, right after bit on 10K at $1.60.
It seems you are probably right about the ability to eventually sell the shares on Korean exchange if I hold that long. Maybe it's time to switch from Scottrade to Interactive Brokers if they can transact more easily in Korea.
At any rate this is a low-float thinly traded stock, and I have to think they were tired of SEC pressure on timing of quarterlies.
'peeker
PXPLY had the both releases (the good and the bad) posted at around 8am. So ... were you unloading or loading up this morning?
SEA.ax/SDCJF.pk Sundance losing its groove? This Aussie investor in US oilfields is really giving it all back lately. Is it time to drop Sundance, Bob?
MMT.v/MAUXF.pk is breaking out today; haven't seen news but suspect there may be pipeline news in process.
07:47 FSIN: Mr. Fu and AGC terminates going private transaction for $9.25/share after it did not receive response - amended 13D filing (7.46)
ps> Dumped mine premkt.
"EPA denies that it plans to issue a moratorium. EPA told Politico this afternoon,
EPA does not have a plan or the authority to stop oil and gas production. The draft guidance that EPA is currently developing provides a flexible approach for permit writers to develop permits that protect drinking water sources. It is not intended to be a regulatory document, would not itself require any state to change its regulations and is based on existing best practices in use by industry today.
MMT.v/MAUXF.pk: Nice report on Mart earnings. Congrats, DigiTech!
One more thing: !!!!!!!THANKS!!!!!!!
AGM TRADES W/ FINANCIALS. Though it pertains to a strong agricultural sector, it trades first and foremost as a financial stock.
In the past you have made a bunch of money trading both BAC and AGM. BAC seems to have more risk due to European situation/uncertainty and Countrywide mortgage liabilities, but both remained mired in the much-maligned financial sector morass. Both have some operational earnings AND quarterly earnings offsets due to derivative losses.
Life and investing are confusing. Wade, which of these financial stocks do you consider to be a better investment at this point and why? At what price point would you buy BAC again? At what price point would you sell AGM again?
AGM could, like totally, dude, play a lead in the new movie: Wade's World
OT: Come on guys; you are trying Corzine in the media. Could we kindly take this anticrook and antigov't rant stuff to the VMC ZCC board?
12:30 Gold futures to fresh lows at $1671; now down $52.50 at $1672.60
YOWCH = The sound of goldbugs hitting the windshield.
Scanned the 10Q and saw where Tara Gold had APPEALED the SEC's decision to revoke TRGD trading authority. Did not find any mention of any NEW application for TRGD common stock.
Also saw that the TARM had paid a bundle to officers of the company thru Sept2011 in cash, stock, warrants, and CHEAP exercised options.
Go figure ...
'peeker
MJX.V/MJXFF.PK (repost)... Majescor trip report link from Chen Lin's trip to Haiti last week; shared here with his blessing.
Looks like it could be a nice takeover prospect for their next door neighbor Newmont Mining in Haiti. Drill results could/should/may be made public in December sometime.
It's a large file for downloading due to the photos.
https://docs.google.com/open?id=0B4HHYT315Zt9NDgyOTJkMzktYjk2ZS00NDE1LTgxZjItMDM3NTFmOTBkODJi
FSIN breaking out today nicely on good volume. Up 12% today.
Dunno why it's moving today; we'll just have to wait and see if the buyout offer gets addressed soon by the "special" committee.
CCCL reported 67cents eps for latest qtr. Anybody listen to the CC today at 8am? Me, too, neither.
Carries the usual China questions.
Duh! Starts off down on the day. Go figure ....
'peeker
Re: Mart. Is it your understanding that the (yet to be announced) deal with AGIP will allow for increasing volume delivered thru pipeline throughout 2012 as production increases?
DigiTech, Thanks for all the great DD on MMT.v for the Mart followers of the IHUB and StockHouse gangs.
Regards,
Steve
PS> Expecting that Wade will post the London briefing on Mart website's "Presentations" page this week sometime.
MJX.V/MJXFF.PK ... Majescor trip report link from Chen Lin's trip to Haiti last week; shared here with his blessing.
Looks like it could be a nice takeover prospect for their next door neighbor Newmont Mining in Haiti. Drill results could/should/may be made public in December sometime.
It's a large file for downloading due to the photos.
https://docs.google.com/open?id=0B4HHYT315Zt9NDgyOTJkMzktYjk2ZS00NDE1LTgxZjItMDM3NTFmOTBkODJi
MJX.V/MJXFF.PK ... Majescor trip report link from Chen Lin's trip to Haiti last week; shared here with his blessing.
Looks like it could be a nice takeover prospect for their next door neighbor Newmont Mining in Haiti. Drill results could/should/may be made public in December sometime.
It's a large file for downloading due to the photos.
https://docs.google.com/open?id=0B4HHYT315Zt9NDgyOTJkMzktYjk2ZS00NDE1LTgxZjItMDM3NTFmOTBkODJi
PVG.to ... Yesterday's Pretium update indicates they have money to get thru their PEA and Feasibility studies which will continue into next year.
The summary gives subtle indication of selling the properties or company as their eventual exit strategy (as others have mentioned).
http://finance.yahoo.com/news/Pretivm-Reports-Third-Quarter-iw-4092594682.html?x=0&l=1