S&P/TSX COMPOSITE INDEX:
11486.34 -150.70
It’s that time of year again folks...no we are not talking
about Santa Claus just yet, but that too is getting close.
No, we are talking about tax-loss selling as we have now hit
the time of year that you should be paying attention to what
your accountant, planner or broker is suggesting.
It’s time to look at your portfolio and those that are dogs
and you don’t have much hope for, are sold, possibly or
probably even at a loss to go against some of the money
you’ve made in this past year. It’s actually been an incredi-
ble year if one had any courage at all in the first quarter to
take an adventure in the markets.
That means you probably made some decent change on
some of your plays. But those that are now dogs and look
like they will continue to bark, one should part with to make
sure the Feds don’t get more of your money than they de-
serve.
The key to be aware of is for Canadian tax payers to sell
their securities before December 24th.
WAVEFRONT ENERGY
(V-WEE)
$2.91 +0.89
In the past seven months, we wrote up the Wavefront
Energy story no less than 16 times. We owe a lot of
thanks to Jim Letourneau, a hydro-geologist by training
and editor of the Big Picture Speculator who made how
significant the technology could be.
Letourneau had been following developments there
for years and even worked there for a while.
Today, Wavefront announces that an unnamed Energy
“is expanding the use of Powerwave to three locations
from one.”
According to the announcement, “Wavefront and the
client are in active discussion towards a master agree-
ment for long-term use of Powerwave across the client’s
assets.”
They continue, “Under the terms of the amended
agreement will initially provide a minimum of 35 to 50
Powerwave systems…”
The Company is unnamed, but for all those watching
this story, Encana is the rumoured company, and they
just may have given Wavefront the “Good Housekeeping
Seal of Approval.” Now it will be expected to see most
other oil and gas companies around the world to take a
look at this technology and it looks like after a decade of
work, Wavefront might be becoming an overnight suc-
cess.
When we caught up with Jim Letourneau today, he
says, “this sets the stage for lots of growth in the coming
year as other companies will have to pay attention to
what Encana does. Today’s news he suggests, “is con-
firmation of the technology,”
Wavefront today does huge volume showing many are
watching this story! Thanks again to Jim Letourneau for
leading the adventure and thanks to those mutual funds
that sold almost 15 million shares done at near $0.60 to
$0.70. So much for professional management.
For those who were on the Bankers Petroleum adven-
ture, the Wavefront story, the Coastal story and the
Keegan and East Asia adventures, make sure you are in
the next adventure starting shortly. And for the very
speculative money, a bit of the lottery ticket from Brazil.
GALWAY RESOURCES
(V-GWY)
Despite gold having quite a correction in the last few
months, there is a long list of junior gold’s that are proba-
bly some of the better stories of the day that are actually
still heading up. Galway Resources is one of them, but we’ve
got to be pretty frank about this...Galway is another lottery
ticket.
Take a look at the map and it shows you that the awe-
some success of Greystar and Ventana Gold may/or may
not extend onto Galway’s ground. Galway is currently
drilling there, but whether they’ve got anything of the
sweet stuff or not, we will know down the road. In the
meantime, there are an awful lot of speculators stepping
into the play.
When we caught up with company President Robert
Hinchcliffe he reminds us that this is Latin America where
Christmas in the season is a big deal...labs shut down
early and for a long period of time. As to when we can
except some results from the drill that has been turning
for a while, he suspect that mid-January is probably the
best target.
A second rig is expected to start early January and in
the meantime, Hinchcliffe says that there has been quite a
list of institutions and people through the office to take a
look at their geology...all undoubtedly trying to figure out
what the chances are that the sweet stuff from Ventana/
Greystar extends onto their ground.