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NVEC looks ready to rip this week. With earnings on Wednesday after the close, it looks like a retest of 39.85 is coming. Only 4.6M float so it won't take much to ignite it.
That was great basserdan. I forgot about that until you brought it up. Thanks again.
Ya got my vote too. Some companies are actually moving from public to private because Sarbanes is killing them with expense.
Short term it could test the upward channel breakout around 7.00 worst case scenario IMO. IT, $10-12....LT depends on results but $30 minimum. 22.5M coming off of lockup on 4-13 from the December private placement also. IR said they are already spoken for so we might not see a big hit on price.
FWIW - CWPC writeup 3/28/06
CANWEST PETROLEUM: (CWPC) $6.18 Up $1.18 and traded on the OTC Bulletin Board….. Our last update on CWPC was March 21 when the stock was priced at $6.18. Prior to that, we gave you an update on February 8, 2006 @ $4.91 per share. Today’s close was a new 52-week high on 3 times the average daily volume. Here’s what we told you on December 12, 2005 when Canwest Petroleum was priced at $2.18....
“We’re hearing from one of our institutional contacts that positive developments are imminent. This is an oil shale deal that smart money is involved with. The stock has recently traded above its 50-Day Moving Average of $2.04, normally a bullish indicator.”
UPDATE – FEBRUARY 2, 2006: Well folks now that we’re up 131% in just six weeks, our technical indicators say this one is headed to the $10 level. The company reported on January 13, 2006 that the initial core hole known as # 6 - 11 - 095 - 25W3 had been drilled to total depth and intersected 18 meters (59 feet) of bitumen bearing sands within the McMurrary formation. The core recovery was greater than 90% and will be sent for analysis. Hole #6 - 11 is located approximately 400 meters to the west of a previously drilled hole known as #07 - 11 - 095 - 25W3 which also cored bitumen from the Mc Murray formation. The next several core holes will be drilled in the immediate area which is located in the western central portion of the Company's overall land position of 846,000 acres. Weather permitting, the balance of the Phase One 25 hole program may be completed on schedule. The company will report on the Phase One Program from time to time as results are received. Also, the company has completed its application to drill a further 125 core holes, that will be submitted for government approval at this time. CanWest Petroleum Corporation has the right to own a 71.3% interest in Oilsands Quest, a private Alberta operating company that has 100% of extensive acreage in the Canadian Athabasca Oil Sands Region covering some 846,000 acres known as the Firebag East, which is highly prospective for Athabasca bitumen. The Company also owns 100% of the 23,000 acre Eagle Nest Project with a known bitumen resource of 3.4 billion barrels in place. In addition, the Company owns 98% of the Pasquia Hills oil shale project with a fully risked resource of 2.4 billion barrels shale oil that grades 7.5% kerogen by weight of which 59% are aromatics including benzenes and naphtha's suitable for petro chemical feed stocks.
In Addition, Canwest has recently acquired a 100% interest in 23,040 (one township) acres of prospective Athabasca Oil Sands within the Athabasca District subject to certain cash payments and royalties as to 9 cents per barrel. The Energy Utilities Board estimates 3.4 billion barrels of reserves. Based on several drill cores and logs on the Eagle Nest Prospect, the bitumen pay in the McMurray formation averages 20 meters thick and grades over 8% bitumen by weight and may be suitable for SAGD production. The Company is in the process of seeking approval for a 12 well exploration core hole program that may be drilled in the first quarter of 2005. The Company also owns 97% of the Pasquia Hills Oil Shale project located in eastern central Saskatchewan and covers approximately 850,000 acres with 50,000 acres deemed a mine site area. The mine site contains a drill indicated resource of 2.3 billion barrels shale oil (44 drill holes) on a fully risked basis that grades 7.5% kerogen by weight of which 59% are aromatics including benzenes, naphtha, olefins and parafins with an overall potential of 8 billion barrels. The benzenes and naphthas are characterized by Nova Chemicals as petrochemical feedstocks. The Company is in a joint venture with Nova Chemicals to complete a feasability study. At this time, Apex Engineering is building a steam assisted retort to identify maximum yields as well the Company is also recalculating the ore body to identify the highest grade pay zone as to one billion barrels.
BOTTOM LINE: Technical indicators say this one is headed to the $10 level.
UPDATE – MARCH 21, 2006: Today’s volume was 8.2 million shares or 4 times the norm. Look for the stock to trade to double digits in the near-term.
UPDATE – MARCH 28, 2006: There’s been no new developments since our last update. However, the stock continues to trade heavy volume and it also continues to set daily new 52-week highs. For now, our near-term price objective remains $10 per share.
Hi tedwitt,
I am also quite heavy into CWPC as well as a group I deal with. What do you think a reasonable estimate would be for the Pasqua Hills property as well as the patent for the extraction technology they hold? Thanks.
CWPC posted it's 10QSB
http://biz.yahoo.com/e/060322/cwpc.ob10qsb.html
Does anyone follow CWPC? It's an oil sands play.
Hey basserdan, What do you think about NAK? I think we have a monster in the making IMO.
Why were the fibos not applied to the latest stick highs? These are the fibos from the previous high/low. JMHO.
I wonder if that could have been some covering on the cusp of the Rusiian and South African CB buyback news?
I saw that. Is that an anomoly? I would have preferred to see it open and climb instead of gapping like that.
Hey basserdan,
How are you? Interesting week in the PM pits huh? The news is getting more and more supportive of a break past 529. I think well clear it sometime next year. They will try and defend it fiercely IMO. What's your take?
Sure. Something tells me they conflict.
Hi basserdan,
Been busy buying physical silver lately (1lb bullion). What do you make of the activity on deliveries yesterday in silver futures?
http://www.nymex.com/media/delivery.pdf
Seems like a lot of contracts moving. REFCO fallout perhaps? Thanks! I still think silver is going to erupt based on the SUA's recent comments. They are lobbying hard against that Barclay's Silver ETF.
Hi basserdan,
What do you think of the silver move today? It looks like a breakout to me. Think we will see 8.20 on this ride.
Hi basserdan,
What do you think of the breakout on silver today? I got lucky and went long a bunch of this at 3.85 this morning.
http://stockcharts.com/def/servlet/SC.web?c=CDE,uu[l,a]daclyyay[pb50!b200][vc60][iLb14!Ll14]&pre...
Nice start to the weekend.
That pic was an absolute riot!!! Kudos! LOLOLOLOL!!!!!!!!
Hi basserdan,
I just sold all my BGO at 2.60 today. Thinking were due for a slight pullback here. That secondary will weigh in shortly regardless of what Trotsky is saying. They always do....JMHO.
I pop in there occasionally but primarily trading gold stocks now. I hang out on the SI Natural Resource Sector thread by Isopatch. Good group of knowledge in that thread as well. A lot of Doc's board like totradewell, FLACK and a couple of others are teaching TA classes and writing articles of magazines. Pretty cool! I am just a working stiff at an investment firm that loves to trade.
Is that niteowl from SI? If it is, how are you?
Yes, they are excellent but pricy.
Hi basserdan,
What do you think about BGO holding their press conference mid day on Tuesday to discuss Kupol drilling results? Kind of weird....usually before the open or after the close is the protocol. The SEC would be roiled up if they have explosive news and released news mid day I would think. They changed the time from 11AM to 12:30PM also. Hmmmm??? Just curious what your thoughts are on this. Hope your weekend has been great.
basserdan,
A few more warnings from the COT that support your thoughts.
http://www.resourceinvestor.com/pebble.asp?relid=12208
Point well taken Dan. I am going into Monday with my finger on the trigger.
Dan,
Don't worry about the SI posters. I know you know your stuff. Iso and Roebear also really respect you. We hope you do not shy away and continue to post on NRS. Iso does a good job on trying to keep the thread clean and the bashers out.
Hi Dan,
I don't have the link but I just read an article that the CB's have already sold 506t this year which is 6t over the agreed upon 500t. That handcuffs the CB's for the remainder of the year. It could be the reason why the OI has grown dramatically. It's the last defense against the Specs. JMHO. What do you think?
Hi Dan,
I gotta admit I was VERY surprised to see a large increase from the commericials as opposed to a reduction of some kind. Perhaps the Indians are shorting in front of the wedding festivals. LOL!!! Dunno....still long put my finger will be on the trigger Monday just in case.
Thanks basserdan. BGO has drilling results from Kupol due out soon. I think they will be good. Had a great run trading it for the last 2 months but am looking to position right now. Thanks for the read. My read is that if 410 PoG let's go, we would have some problems. All bets are off the table at that point. JMHO.
Hi Basserdan,
How are you? What do you think about BGO right now? Thanks bro.
Hey Dan,
This move looks for real. That USD break was NASTY! Target on the triangle breakage is 76.83 but you can bet that the Fed is waiting at 80 with bats in hand.
Zeev...2275? That would be new recovery highs. Too rich for me. I think the highs are in for a long, long time. Deflation will take control eventually.
Hi Dan,
My money is riding on an orchestrated rundown to ice rates as well. Only in PMU at .61 cost from today. Nervous about the fact that a lot of the miners didn't have the volume punch on the news that I was looking for. You could be right that they will cap gold around 400-415 which has served as major resistance for years. There is a possibility that we could be at this level for awhile....maybe longer than some expect. Miners will slide lower in this scenario. I am really hoping we get that seasonality spike in September but if the indices keep puking like this, the PM's will get thrown out with the bath water also. FWIW. Hope all is well with you.
Stocking food, water and meds OK but let's take it as it comes.
Yes, it will. It's Saturday. LOL!
Great article Dan. Thanks for posting it.
Nikkei is going to puke it's brains out tonight.
Oh yeah! They are located in another town about 2 hours away from us. I don't know why they called it Southwick Zoo though.