I think Daybreak is searching for a bigger fish to buy their leases they have been sitting on. It doesn't add up with only 5 wells to show for their corp activity for 3+ years out of 22,000 acres to explore on. Thats the fun of investing in tiny companies that trade down here sometimes you win sometimes you lose. If you hit one, you do well, sometimes not.
They have some things going for them, they file (bonus), large potential with leases.
Things going against them, they lost Chevron over 2 years ago, haven't recieved financing to continue their exploration, multiple partners to split their small profits with, they move way too slow, no guidance or PR's released on a regular basis. They don't have any money bottomline to do anything. Thats a bad for shareholders you can't grow and you become stagnant. Share price has shown some recent activity thats a good thing. I just hope that the pps climbs back up and somehow this tiny little companies CEO from Texas can do his job and start developing this lease through actual drilling again.
My personal viewpoint is that I plan on selling half of my position in 5-6 months let the winter pass down here in so cal. Then keep half a foot in case they get it together from May through Dec of next year. If nothing good dump rest this time next year. They have my attention for the next 6 months after that it's going to be see ya. If it shows any life I can always buy back in and lose a little per share not a big deal.
I think my intial interest into investing into this compny was because of the "attraction" was Chevron + large leases coupled with their track record down in the deep south years ago. I think they have been "coughing the ball up" last few years here in California. Be great to see those 4 new wells that they allegedly have paperwork for with the State of California actually pan out from drilling. But to do that you have to money the money isn't going to jump out of the ground at Westmoreland.
Has lots of potential but eventually when this time has passed by with only a minimal amount of wells actually producing the novelty has worn off. Tons of potential buts that a maybe it depends on factors outside of shareholders control.
Hopefully 2012 pans out for all us who stayed loyal and stuck with these guys.
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