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OT Bootz mention of CWPC by Herb Greenberg in Reality Check

Regular readers may recall that many months ago I quoted a bright, young value-oriented money manager, who was fond of then under-the-radar Birch Mountain Resources (BMD: news, chart, profile) . That was while it traded on the bulletin board for around $1 -- just before its leap to the American Stock Exchange.

Such highly speculative stocks tend to be far a-field for this column's strategy; on the other hand, considering the pedigree of the manager and the growing importance of oil sands, I felt it was worth mentioning.

What does he like now? Among his favorites: CanWest Petroleum (CWPC: news, chart, profile) , which trades on the bulletin board and owns the second-largest acreage in the oil sands. Key to the story is that unlike most oil-sands exploration companies, which are focused on Alberta's Athabasca region, CanWest is pushing east into Saskatchewan, where there is little exploration of oil sands and no production using it.

The company is expected to seek an Amex listing by mid-year. While the stock has popped, along with surging volume, the money manager believes it's still well below its potential valuation. (And this note: As time passes, and oil sands become the next big frontier, it will also likely become the next gusher of Canadian stock promoters. The trick for investors will be determining which ones are for real.)
Herb Greenberg is senior columnist for MarketWatch, based in San Diego. He does not own stocks (except for shares of his employer), and he does not sell stocks short or invest in hedge funds.

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