SEM from the company website:
-Production up 25% from Q3 2002
-Cash flow up 13% from Q3 2002
-Annualized Q2 earnings flat from Q3 2002
-Issues to address are production volatility and lack of organic production growth.
Production volatility might explain the share price volatility. Improved organic production may explain insider buying, they are drilling 40 wells now and they state they will limit volume forecasts until the program is near completion. The numbers above are as good or better than last year, it should repeat.
I looked at SEDI and I show on 09-05 Brian Lavergne holding 26.5k that he paid $8.00 for. By 09-25 he had 116.5k that makes 89k added. Then from 09-08 he bought for his RRSP up to 10-01 24k. 89k+24k=115k@$5.20(avg)=$600k. Add in the 26.5k@$8.00 and were over $800k.
Also Raymond Woods bought 4k@6.10=$24.4k on 07-11/16.
From the company website:
Brian P. Lavergne, Chief Operating Officer
Mr. Lavergne has a Bachelor of Science in Mechanical Engineering from the University of Alberta (1989) and is a registered Professional Engineer in the Province of Alberta. From February 1994 to December 1998, Mr. Lavergne was employed by Renaissance Energy Ltd. in positions of increasing responsibility, including Exploitation Manager and Operations District Manager. He joined Storm Energy Inc. in 1999 as Vice President, Production and became Chief Operating Officer of Storm Energy Ltd. in 2003.
<edit> Where did he get the money? Answer: by shrewd insider trading while at Renaissance Energy. Conclution: he is doing the same again with Storm.
Raymond I. Woods, Director
Mr. Woods is a former Senior Vice President of Shell Canada Limited with 35 years of oil and gas industry experience. In his early career with Shell Canada Mr. Woods worked primarily in the exploration and development functions. He was appointed Vice President in 1990 and Senior Vice President in 1993. Between 1994 and 1998 Mr. Woods served in senior executive positions with Royal Dutch/Shell, first in London as Area Coordinator Middle East and South Asia and later as Managing Director of Shell Norway. In 1998 he was appointed Senior Operating Office, Resources, responsible for Shell Canada’s Exploration and Production business. Mr. Woods is a Past Chair of the Canadian Association of Petroleum Producers and currently serves as director of Northwest Territories Power Corporation and Chair of the Alberta Regional Board of the Nature Conservatory of Canada. He was recently appointed to the Government of Canada’s External Advisory Committee on Smart Regulation.
<edit> this guy knows the business
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