I don't think many shareholders are aware to which extent Penn West is dominant in the Cardium, one of Canada's most attractive fields, no company even comes close, this is from Canaccord 2013 research report :
This is just one position in a number of attractive fields (Viking, Swan Hills, Slave Point, Seal, Duverney..etc), those who think this company will simply vanish and file for BK are truly ignorant to the true potential of Penn West assets. And, on top of the company vast asset base, the management and the board are completely aligned with shareholders, the Chairman acquired over 800K shares at $10 with his own money in 2013 as he assumed his position.
Should the company be offered for sale, they will be no lack of buyers and the board/management wont stand in the way. As a matter of fact, I can fully confirm that the CEO and the Chairman will transact if they believe this would be the best outcome for Penn West shareholders. I have personally pressed the CEO on that exact question, and his answer was unambiguous, he said and I quote - very close to the exact words - "I and the Chairman are ready to go to any length to safeguard shareholder value" .. this is the kind of alignment that can't be seen in a TD 70c price target. I have dealt with misaligned management teams and boards in the past (Equal Energy, Longview Oil) and I can categorically say: the guys at the top of Penn West will sail this ship to its safe harbour, and that harbour will be at a substantially higher share price than where we are today.
I believe we saw the correction. I bought a ton of PWE at 1.95. And got CPG at a crazy good price. I also bought CRC. I think the worst is over.
Are very similar companies with similar reserves and assets. The BIG difference is that PWE has had horrible management that amassed significant debt while CPG management amassed producing assets and little debt. But PWE is back and you will see it all unfold in the upcoming year. Buy all you Can...
Nonsense. This is being done intentionally by SA against both Russia and Iran. Putin said in March that the west was preparing an oil war against him. EIA does not publish oil prices. Oil is purchased on the SPOT market. This is SA and USA manipulating oil/money in an effort to destroy Putin.
PWE moved with a volume of 17 million. Now those liars attacking PWE say nothing. PWE is a strong company. Buy all you can and become rich. The shyte that have attacked it have been crushed. Buy and hold. Time will make you rich. Ohio shytebear has been destroyed