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Vintage Petroleum, Inc. (VPI) Message Board

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  • imadeadcat imadeadcat Mar 29, 2002 10:30 AM Flag

    VPI and BP Capital

    As a VPI shareholder I wish Mr. Pickens luck because a successful LBO will drive up the share price. That being said, it is hard for me to believe that VPI is a great LBO candidate with its Argentina exposure, Bolivian assets, and $1 billion debt. If Argentina does not get its fiscal house in order by reigning in its social programs( spending)neither my investment in VPI at $20 a share nor Mr. Picken's at $12.10 looks very good to me, ( although his looks a lot better than mine right now!) Just as an aside, recent upsurge in share price makes sense both due to the swing upwards for oil to $26 and because T. Boone was buying. I wonder where VPI's share price would be if Pickens hadn't bought?

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    • What is interesting to me is that Mr. Pickens' group would have bought such a large share and the price would have fallen through $10 anyway....of course to have recovered.

      VPI with Friday's close is looking pretty good...right up to the 200 day moving average.
      Quite obviously many of us missed one of the better opportunities when this item was under $10 and then gapped up at $11 to show the trend had reversed....too much focus on the negatives when the price had already discounted same AND a big buyer was accumulating a stake.

      Would seem the adventurous could buy this with a stop under $13, should they be "feeling lucky."

      VPI - accumulation / distribution indicator showing strength with the DMI is a bullish configuration....no divergence with price here.
      http://stockcharts.com/def/servlet/SC.web?c=VPI,uu[l,a]dacayiay[dc][pc20!c200!c5
      0!f][vc60][iut!Ul14!Uf!Ug!Lb14!Ll14!Lya7,14,28!Lh14,3!La12,26,9]&pref=G

    • You quote $12.10 per share as Picken's cost of VPI shares. I believe the math on total dollars invested and number of shares suggests something north of $14 per share. Check it out!

      • 1 Reply to rublefranc
      • rublefranc,

        Deadcat was responding to my post #35370 in which I suggested the average price of $12.10 per share.

        That figure was a rough guess based on the press release that stated, "(BP Capital purchased) 2,225,840 shares for $9.97 to $14.23 a share between January 31 and Friday (March 22)."

        I simply took the midpoint of that range for my calculation. The average may well have been higher, but certainly not "north of $14 per share" as you suggest.

        Don't forget that BP Capital previously owned 3,067,860 shares before January 31. It's very likely that those shares cost more than the shares recently purchased. My comment was clear in its reference to the investment made only in the last two months.

        Do you have access to the actual amount BP Capital has paid for its investment? It wasn't mentioned in the press release.

        --Z