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Touchstone Exploration Inc. Message Board

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  • savage_planet savage_planet Jun 24, 2011 7:22 PM Flag

    why is petrobank down 30% since march

    Thanks for your detailed reply.

    It is nice to get something like this as some message boards (I'm thinking of metals ones rather than this one) as full of spam and bashing.

    I really have a small number of Petrobank and Petrobakken shares. It is not worth me selling them.

    I bought Petrobank because they have a lot of heavy oil. I'll wait it out to see if this translates into good news.

    I bought Petrobakken because they are involved in oil areas getting a lot of news. If I go into a newsagents and see magazines about oil shales etc. I feel a bit tempted to buy share. Maybe this is wrong headed.

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    • Wright, and the guys that run PBG are geniuses and visionaries.

      Like most visionaries, they often overlook the here and now.

      I could not understand the spin off of PMG before the other operations were on line and producing bucks, and in the face of the huge debt PBG took on to finance PBN. It didn't make sense to me. PMG was the cash cow PBG needed to fund and finance its absolutely correct investment in other operations, until they could stand on their own.

      And Doug will get on me, but I sold after last quarters earnings. As an investment, it no longer made sense.

      This is one of the ugliest charts I have ever seen. The pick up in selling volume over the last few days is disconcerting, and a sign that it isn't over.

      All that being said, I suspect PBG will rise from the ashes. They are unusually adept at making the impossible happen.

      However, I see no change in direction here. Dead money for about 4 months, I'd guess.

      • 1 Reply to rhjl2272
      • "Dead money for about 4 months, I'd guess."

        ******

        I prefer to think of it as hibernating, and when it wakes up....!

        Regarding John Wright:

        "Not bad. From $1 per share and a $40 mil market cap and in ten years turned it into roughly $36 per share and over $4 billion of market cap. This was a tiny natural gas company that he turned into two companies that are 90% weighted to oil. And it wasn’t as if Petrobank had hidden assets when he took it over that he could exploit. In fact Wright sold all of the assets that Petrobank owned when he took over within the first year. The current value of Petrobank and the current production of Petrobank come from assets acquired under Wright’s management over a 10 year span.

        I think it is important in this case to understand that Mr. Wright must be a fairly bright fellow, because the stock market today would have you believe he is out to destroy value."

        http://www.gurufocus.com/news/134193/value-ideas-contest-petrobank-shareholders-are-finally-going-to-see-what-that-800pound-gorilla-might-look-like

        PBG has made me LOTS of money. I don't believe that management has all of a sudden gotten stupid. So, yes I am disappointed in the steady decline in share price. But as I've mentioned many times on this forum, I am not a trader. I don't have the temperament. So I find a story I like and hold on until it comes to an end. I don't think we're even half way to the end in this one.

        Doug

 
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