Not surprising that he sold every single share of IOC at a loss. I was looking at Bankers Petroleum today:
Enterprise Value: $700 million
2P Reserves (100% oil): 221 million barrels
Contingent Resource: 1 Billion barrels
Value per barrel = 57 cents. Value per mcf equivalent = $0.10
Cash Flow: $200 million+
Cash Flow per share (2013E): $0.94
Cash flow per barrel produced: $39 ($6.50 mcf equivalent)
The reality is there are ton of these things out there - I see way more compelling reward/risk opportunites than IOC. IMHO.
Sentiment: Strong Sell
Why did Byker, Visaggio, Mulacek, Jasper, and Civelli sell? Big salaries or board fees not enough? They felt entitled to cash in before any project has been financed or proven?
Douche....go Argo yourself.
iocmuppets. How did you get admitted to ARGO? It was rated PG-13