Buy and Sells DEE,BNK,WZR,CLL,CMT

Bankers Petroleum provides operational update

Bankers Petroleum provides operational update


09:00 EDT Tuesday, October 06, 2009

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CALGARY, Oct. 6 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to announce the following operational update.


Production and Oil Price


Third quarter production averaged 6,258 bopd from the Patos Marinza oil field in Albania compared to second quarter production of 6,383 bopd. The slight drop in production was due to restricted production during the month of July caused by water disposal infrastructure enhancements, which have since been completed. Current production is 7,000 bopd with 300 bopd shut-in pending well servicing.

The Patos Marinza average oil price was US$40.70 per barrel representing 60% of the Brent oil price, compared to second quarter's average oil price of US$34.63 per barrel (59% of Brent).

The Company resumed oil delivery during the quarter to the two local refineries at Fier and Ballsh, following receipt of several payments of an agreed upon scheduled re-payment plan of outstanding invoices.


Drilling Update


Five horizontal wells have been drilled and completed during the quarter; three oil wells, 5014, 5017 and 5018 are on production, one well, 5020 (500 metre lateral in the D3 formation), was drilled and completed as an oil well and will be placed on production this week, and one well, 5016 (600 metre lateral oil pay in the D3), is awaiting well repairs of adjacent wells causing water intrusion in this well bore and is expected to be returned to production this month. Well 5014 (475 metre lateral in the D3) is producing at a rate of 200 bopd. Well 5017 (with only a 160 metre lateral in the D3) is producing at a rate of 75 bopd and improving, Well 5018 (600 metre lateral in the D5) is producing at a rate of 65 bopd and improving. The first horizontal well, 5013 (375 metre lateral in the D3) drilled in December 2008, is producing at a rate of 135 bopd and has produced in excess of 38,500 barrels since production commenced in January 2009.

Bankers has entered into an agreement for the provision of a drill rig with Crosco, Integrated Drilling & Well Services Co., Ltd. of Croatia. The 850 hp rig is depth-rated for 3,000 meter wells. The contract is for one year with an option to extend for a second year. The rig will be mobilized in October, arriving in Albania in late November, with an anticipated spud date of January 2010. The additional rig will provide Bankers with the capacity to drill another 20 to 24 horizontal and vertical wells during 2010, which will help accelerate field development plans and production. Details of the 2010 capital program and budget will be disclosed in late November following receipt of necessary approvals.

The present operating drilling rig, Simmons No. 51, is currently undergoing upgrades to increase its drilling depth rating from 2,000 metres to 2,500 metres. The rig is scheduled to resume drilling operations by October 15 with five additional horizontal and two vertical wells planned for the fourth quarter 2009.


Well Re-activations and Re-completions


Twelve wells were reactivated and an additional five wells were returned to production after recompletion activities during the quarter. Recompletions in the Driza formation in the northern part of the field proved to be successful; of particular significance is a well that was completed in the Lower Driza 4 formation and is currently producing at a rate of 105 bopd. The Company is planning an aggressive horizontal drilling campaign in this deeper portion of the field which shows essentially virgin reservoir pressure.


Liquidity


At September 30, 2009, Bankers held US$61 million of cash and working capital was approximately US$72 million, exclusive of debt. No funds were drawn from the US$110 million credit facility from the European Bank for Reconstruction and Development and the International Finance Corporation. The entire Raiffeisen credit facility of US$31 million, continued to be utilized.


New Website


Bankers is pleased to announce that its new website will be unveiled on October 8, 2009. The address continues to be www.bankerspetroleum.com.


Conference Call


The Management of Bankers will host a conference call on October 6, 2009 at 7:30am MST to discuss this operational update. Following management's presentation, there will be a question and answer session for analysts and investors.

To participate in the conference call, please contact the conference operator ten minutes prior to the call at 1-800-731-5319 or 1-416-644-3426. A live audio web cast of the conference call will also be available on Bankers's website at www.bankerspetroleum.com or by entering the following URL into your web browser http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2833820

The web cast will be archived two hours after the presentation on the web site, and posted on the web site for 90 days. A replay of the call will be available until October 20, 2009 by dialing 1- 877-289-8525 or 1-416-640-1917 and entering access code 4168255 followed by the number sign.


About Bankers Petroleum Ltd.


Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves. In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oil field and has a 100% interest in the Kucova oil field. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.


For further information: Abby Badwi, President and Chief Executive Officer, (403) 513-2694; Doug Urch, VP, Finance and Chief Financial Officer, (403) 513-2691, Email: investorrelations@bankerspetroleum.com, Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney, Henry Fitzgerald-O'Connor, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord Adams Limited, Ryan Gaffney, Henry Fitzgerald-O'Connor, +44 20 7050 6500; Macquarie Capital Advisors, Paul Connolly, Ben Colegrave, +44 (0) 20 3037 2000

© Copyright Canada Newswire

Connacher increases size of bought deal financing

Connacher increases size of bought deal financing 10:28 EDT Tuesday, October 06, 2009

CALGARY, Oct. 6 /CNW/ - Connacher Oil and Gas Limited (CLL-TSX) ("Connacher" or the "Corporation") announces today that it has agreed to increase the size of the financing announced after market close yesterday. The Corporation will now issue 20,150,000 flow-through common shares ("Flow-Through Shares") on a "bought deal" basis for gross proceeds of approximately $26 million ($1.30 per Flow-Through Share). Connacher has granted the underwriters an over-allotment option to purchase up to an additional 3,022,500 Flow-Through Shares on the same terms and conditions, exercisable in whole or in part up to 30 days following closing of the offering, for aggregate gross proceeds of approximately $30 million. The underwriting syndicate is led by RBC Capital Markets and includes TD Securities Inc., GMP Securities L.P., Raymond James Ltd., D&D Securities Company, and Macquarie Capital Markets Canada Inc. The offering is scheduled to close on or about October 22, 2009.

Connacher will use the gross proceeds from the sale of the Flow-Through Shares to pay exploration expenses on the Corporation's properties which qualify as Canadian Exploration Expenses (as such term is defined in the Income Tax Act (Canada)). It is anticipated that the net proceeds will primarily be used to further delineate and define Connacher's oil sands properties through the drilling of additional core holes and for conducting a three-dimensional (3-D) seismic program over Connacher's oil sands properties. Connacher remains positive about, and committed to, the exploration of its oil sands acreage to enhance its reserve and resource base which is anticipated to support future bitumen production growth.

A preliminary short-form prospectus will be filed with securities regulatory authorities in all provinces of Canada except Quebec. The offering is subject to the approval of such securities regulatory authorities, in addition to approval by the Toronto Stock Exchange.

This press release is not an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction. Securities may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Connacher Oil and Gas Limited is a Calgary-based integrated oil company. Its primary upstream production is from oil sands operations at its 10,000 bbl/d Pod One SAGD plant in northeastern Alberta. The company has reactivated its construction activities and has fully funded a second similar-sized SAGD oil sands project in Great Divide at Algar. It has conventional crude oil and natural gas production of approximately 3,100 boe/d in Alberta and Saskatchewan, a downstream operation with a 9,500 bbl/d heavy oil refinery in Great Falls, Montana and maintains a 22 percent equity stake in Petrolifera Petroleum Limited (PDP-TSX), a production and exploration company active in Argentina, Colombia and Peru in South America.

Canadian Arrow grants share purchase options

Canadian Arrow grants share purchase options

cnw


SUDBURY, ON, Oct. 6 /CNW/ - Canadian Arrow Mines Limited (the "Company") (CRO- TSX Venture) announced today that pursuant to its stock option plan and subject to approval of the TSX Venture Exchange, the Company granted a total of 1,975,000 options to nine officers, directors and employees of the Company on October 5, 2009. These options vest over a period of 18 months, have an exercise price of $0.05 per share and have a term of 5 years.


In addition, the Company has confirmed that there will be no further closings under its previously announced private placement which the Company issued 5,700,000 units at a price of $0.05 per unit for gross proceeds of $285,000 and 30,900,00 flow-through shares at a price of $0.05 per share for gross proceeds of $1,545,000.


About Canadian Arrow Mines:


Canadian Arrow Mines Limited is an experienced exploration and mine operating team that is focused on acquiring and developing economically viable nickel sulphide deposits near existing infrastructure. Arrow operates in north-western Ontario, Canada, near the towns of Kenora and Dryden. The Company's main priority is the Kenbridge Nickel Project, a nickel-copper sulphide deposit containing over 44,000 tonnes of nickel in the measured & indicated classes, (Sedar, Aug. 19, 2008), as follows:

Canadian Arrow prepares to drill nickel projects

Canadian Arrow prepares to drill nickel projects

cnw

SUDBURY, ON, Oct. 5 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V) (the "Company") having recently completed a $1.83M financing is pleased to provide an update on the exploration programs planned on its nickel-copper properties located in northwestern Ontario.


"Over $1.5M is to be expended on resumption of our exploration activities," comments Company President Kim Tyler. "First pass drilling programs are prepared to evaluate the six highest priority targets on our regional projects in addition to drilling proposed on the open extensions of our flag-ship Kenbridge nickel/copper deposit."


The initial focus will be on the Turtlepond Lake group of projects located about 40 km south of Dryden, Ontario and 70 km east of Kenbridge. The Turtlepond Lake Group consists of three previously under-explored historic nickel-copper occurrences, (Glatz, Emmons and Prigg), coincident with recently surveyed electromagnetic conductor/magnetic anomalies, and three other newly discovered geophysical targets, North Glatz, Night Danger, and Double E. All targets are clustered within 1.5 km of each other. A map detailing the Turtlepond projects can be viewed on the Company's website at:


http://www.canadianarrowmines.ca/turtlepond_lake_projects/.

- This company has connections to very well funded mining operations through decades of experience. I believe Mr. Tyler when he says they are speaking with 5 strategic partners for completion of there project through joint ventures. Joint venture speculation could drive our sp into a frenzy.

- The drill program which comprised our 253 million dollar property is open at depth and further drilling could significantly increase the resource. Some of our strongest results were on outer edges of the drill zone. De-watering of the 2500 meter mine shaft will allow them to get at these areas. The intersection I speak of is the 7% nickel over 5 meters that intersection comes from the end of the drill core. Further exploration could offer up amazing results. 0 summer 2008 drill results out, any significant finds in mine ready atikocan or kenora/dryden properties will lift stock.

- The company has contractual agreements with Opiwica explorations (OPW) on the TSX.V to mill there major gold and copper find with in close proximity of Canadian Arrows Planned site. Mining could begin on both projects in early 2010. This represents earnings and is a good partnership for a company seeking to be the next significant Nickel Copper producer in Canada.

- Canadian Arrow has the ability to produce nickel in its mine at 3.47 per pound nickel. That kind of number is unheard of in comparison to other mines. With production scheduled for early 2010 (around the same time our economy should be significantly rebounding) what if nickel prices return back to 15 dollars per pound? This site will look like a gem to any investor! (plus the property would be worth about 400mil at 15 dollars per pound nickel.

This is just a few of the key points that I believe make this company look attractive. If my predictions are correct we will see a significant rebound to normal multiples over the course of the next couple of months and with any significant news pertaining to my points and our sp and volume will be sent soaring. JV with cash on the books and abilitiy to help put project into production will send our sp back to .50 if not higher! I am Bull on Canadian Arrow mines.

Source

Review This .pdf 12 page report:

http://www.chfir.com/CRO_Valuation/CRO_ValuationReport.pdf

Trend Rally Underway for DEE-T

UPDATE 1-Delphi Energy acquires assets at Hythe, Alberta
6:39pm ET (Reuters)

* Says will exchange non-core assets, pay C$10 mln cash

* Sees additional production of about 630 boepd at Hythe

Sept 30 (Reuters) - Canada's Delphi Energy Corp said it would acquire additional natural gas and light oil assets and related infrastructure at Hythe, Alberta, primarily to boost production.

The acquired assets complement Delphi's existing assets at Hythe, where production has grown from 400 barrels of oil equivalent per day (boepd) to 2,000 boepd over the past two years, the company said in a statement.

Delphi expects additional production of about 630 boepd at Hythe.

The company said it would exchange non-core producing assets and related infrastructure and pay net cash of C$10 million for the acquisition.

The transaction is expected to close by Nov. 3, Delphi said.

The company also maintained its outlook of lowering net debt by about C$2 million to C$4 million by Dec. 31.

Shares of the Calgary, Alberta-based company closed at C$1.41 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

Delphi Energy to list 12 million more shares

2009-09-28 18:16 ET - Prospectus Approved

TSX bulletin 2009-1226

An additional 12 million common shares (symbol: DEE) will be listed at the opening on Wednesday, Sept. 30, 2009. The listing will cover common shares to be sold to the public at a price of $1.25 per common share pursuant to the terms of a short-form prospectus dated Sept. 23, 2009. The closing of the offering is expected to occur prior to the opening on Sept. 30, 2009.

Delphi Energy arranges $15-million financing

2009-09-09 17:33 ET - News Release

Mr. David Reid reports

DELPHI ENERGY ANNOUNCES FINANCING

Delphi Energy Corp. has entered into a financing agreement with a syndicate of underwriters, led by National Bank Financial, to issue and sell, on a bought-deal basis, 12 million common shares of Delphi at an issue price of $1.25 each, resulting in gross proceeds of $15-million. The underwriters will have the option to acquire up to an additional 1.2 million common shares at an issue price of $1.25 per common share for additional gross proceeds of up to $1.5-million for total gross proceeds of up to $16.5-million. Proceeds of the offering will be used to finance Delphi's continuing light oil development program in Hythe and additional potential acquisition opportunities. The offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. Closing is expected to occur on or before Sept. 30, 2009.

It's a typical rally for a bank-sparked recession

David Parkinson

Last updated on Monday, Oct. 05, 2009 06:32AM EDT

If the stock market rally seems so wildly out of line with that of normal recoveries, maybe we should stop comparing it with normal recessions.

Last week, when the S&P 500 peaked at 60 per cent above its March lows (and the S&P/TSX composite index was up 55 per cent from its March bottom), Gluskin Sheff + Associates Inc. chief economist and strategist David Rosenberg pointed out that in typical recessionary bear markets, stocks don't see those kinds of recoveries until the economy has expanded by more than 5 per cent (it has only recently turned upward), U.S. employment has risen by more than two million jobs (it is still declining) and corporate profits have climbed 34 per cent (they, too, are only just turning positive).

His conclusion: This rally has far outpaced where it normally should be at this stage of the economic recovery.

But as Mr. Rosenberg and others have been keen to point out for months, this has not been a typical recession. When you compare it with other similarly unusual downturns – namely, those triggered by banking crises – both the depth of the selloff and the speed of the recovery don't look so unusual at all.

Normally abnormal
In a research report this week, National Bank Financial market strategist Pierre Lapointe took a look at the six downturns over the past 30 years that the International Monetary Fund has identified as triggered by “periods of banking-related financial stress” – in other words, the six economic events around the world that most closely resemble the financial meltdown of last fall.

Signs of recovery energize resource and metal funds

REUTERS

Both gain an average of nearly 11 per cent, but managers say more positive data are needed if rally is to last

Natural resource and precious metals funds generated robust returns in September as commodity prices rose on signs of a global economic recovery.

Resource and precious metals funds both gained an average of nearly 11 per cent last month, and were among the best performers year to date, according to preliminary data released Thursday by Globe Investor.

Economically sensitive stocks have rallied because there is data confirming a rebound, said Benoît Gervais, a fund manager with Mackenzie Financial Corp., adding that there is a synchronized recovery between developed and emerging markets.

But there could be a pullback in the resource sector if there are any signs that the recovery has stalled, he cautioned in an interview.

“You need constant flow of information to confirm that the economic recovery is on, so that people have higher confidence that those stocks will make money.”

The resource sector is “like a garden, where you have flowers for all seasons,” said Mr. Gervais, who co-manages the Mackenzie Universal Canadian Resource and Mackenzie Universal World Resource funds.

Base metal and gold stocks started doing well late last fall, but energy stocks – particularly natural gas – have blossomed in September, he said.

Mr. Gervais said his funds are now overweight in the energy sector, and he sees more upside for natural gas stocks as its commodity price rises enough to allow new shale gas players to “generate significant return on capital.”

Gas rally may be just wishful thinking

Is that light at the end of the long, grim pipeline to nowhere that investors in the natural gas sector have been sliding down?

Gas ripped higher again this week, raising hopes that the market for the fuel is breaking out of a funk that had taken the contract for gas delivered in a month to a seven-year low of $2.50 (U.S.) per million British thermal units (BTU) just four weeks ago.

Since then, the price for gas delivered in a month has almost doubled, finishing yesterday at $4.71 per million BTU.

Yet energy stocks had a rough week, dropping as a group and contributing to a 2.3-per-cent decline for the S&P/TSX composite index, in part because many investors have little faith in the gas rally.

So who's right? Has something changed to turn gas from a dead-end trade facing a terrifying supply-demand imbalance into a big winner, or are the skeptics who were unwilling to bid up gas stocks too far right to back off? Gas bulls are not going to like the answer given by Olivier Jakob, a well-regarded energy market strategist who runs Petromatrix GmbH from Zug, Switzerland.

“The fundamentals, I don't think, have changed in the past month,” he said, pointing to more numbers showing that North American economic growth and industrial production are not rebounding as quickly as hoped, and to the huge pool of gas that's sitting in underground caverns.

“We are way above previous years in storage levels in the U.S. and the trend is not changing.”

In fact, with 15 per cent more gas in storage than last year at this time, the caverns in the southern U.S. where surplus gas is kept are full.

With at least a full month to go (here's hoping) before really cold weather begins in the most populous regions of northern North America, there's not much hope of draining off any of the excess to run the continent's furnaces.

Economic growth doesn't look ready to ride to the rescue in the next month, either. After all, while figures this week showed the U.S. economy shrank at only a 0.7-per-cent annualized rate in the second quarter, not the 1 per cent most were expecting, there's no getting around the issue that the economy shrank – for the fourth straight period.

“You need, really, demand to come back. Until you start really to go back into better dynamics in industrial production, it's going to be a tough challenge.”

That's the short term. The long term isn't necessarily pretty, either.

A signal moment for many big natural gas investors was the announcement that liquid natural gas terminals that were designed during the good years to bring the fuel into a booming, energy-starved North America were being turned around to export gas instead. That heralds a future where the continent is in surplus for the long term.

Optimists point to hopes that gas will be shut in some time soon, with wells simply shut off. But that's a temporary fix. As soon as any rebound happens, those wells can easily be turned back on by cash-starved producers, limiting any gains in the price, Mr. Jakob argues.

“Gas is basically in the same situation that OPEC is in on the crude oil market,” he says. “They need to shut down production. But that is not bullish long term because you do then create that additional long-term capacity.”

However, the gas business lacks the cartel mentality that OPEC has, so there's little discipline to keep production down.

After dropping output in April, Chesapeake Energy Corp., one of the biggest producers in the United States, just brought it back to the company's regular rate. The company's chief executive officer told investors he wasn't willing to sacrifice his bottom line for the good of the industry, saying, “We didn't see any reason to take it on the chin for the team.”

So given those grim fundamentals, what caused the September surge in gas and is it sustainable? Probably not, if Mr. Jakob is right.

The gas market is in what's called contango – which means a steady rise in prices, with gas for delivery soon cheaper than futures for gas that will be delivered a few months from now. As a result, when the market “rolled” so that the contract that most people trade moved from October delivery to November delivery, which was trading at a higher price, the market jumped.

That's not going to last, Mr. Jakob predicts.

“We will have contango convergence, when we retrace to erase this jump that we had from the October to the November contract,” he said.

The other big driver was the buying caused by a quirk in the exchange-traded fund market. The biggest gas ETF, the U.S. Natural Gas Fund (UNG-N11.390.373.34%), had stopped issuing units for a few weeks because regulators were concerned that the fund was getting too big and controlling too much of the market.

However, demand for the fund's units remained strong. As a result, units rose well above the value of the gas contracts the fund owned – peaking at around a gap of 20 per cent. When the fund recently announced it would resume selling units, savvy traders bet that the gap would close. That easy money is now gone.

“The trade was to sell the [fund] and buy natural gas because this 20-per-cent premium would automatically come off when they start to issue new shares,” Mr. Jakob said. “That's what we saw.”

A bear's ‘bad feeling:' Is the recovery faltering?

AFP/Getty Images

Nobel laureate Paul Krugman joined by growing chorus of economy watchers warning global turnaround fuelled by heavy government spending is sputtering

Brian Milner and Kevin Carmichael

Globe and Mail Update Last updated on Monday, Oct. 05, 2009 06:14AM EDT

Paul Krugman sheepishly admits that he missed the strong stock market rebound of that past six months. But it's understandable, given the celebrated Princeton economic professor's bearish views on the economy and the precarious nature of the current recovery.

“Yes, I didn't see that coming,” the Nobel laureate said before a speech Saturday evening to the annual conference of the Centre for International Governance Innovation in Waterloo, Ont. “I probably should have, because a lot of it was just sort of ‘The end of the world' discount. On the other hand, I missed the stock market crash too. And I also avoided the housing bubble.”

Prof. Krugman has long been one of the leaders of the bear clan when it comes to assessing the state of the economy. But he is being joined onstage by a growing chorus of economy watchers, policy makers and other voices, amid signs that the global turnaround fuelled by heavy government spending is sputtering.

A slew of warning flags have recently been posted along the recovery highway. And Prof. Krugman and others are wondering where the economic growth will come from once governments turn off the spending taps. Prof. Krugman said he has “a bad feeling” about the nature of this recovery and that governments should be pushing more stimulus into the economy, rather than worrying about how to cut back.

“In most of the things that matter, things are still getting worse,” he said.

To get out of the current crisis, “we need a source of demand, we need a driver,” he said, noting it has to come from business spending.

We need somebody to invent the equivalent of the railroad or Internet to get that happening again, he said.

His current views have been coloured by research showing that recessions triggered by financial crises persist longer, and the recovery depends heavily on the crisis-hit country scoring big export gains and large trade surpluses.

“Since this is a global financial crisis, we've got a problem. We can't all do that at the same time. So I'm worried that this could go on for a very long time.”

That will mean stubbornly high jobless rates and stagnant growth in the industrial economies for a prolonged period.

In the previous two milder economic slumps, in 1990 and 2001, it took about 18 months for the job picture to brighten again. The latest recession probably ended technically during the summer, which would mean worsening unemployment at least through the end of next year.

“That's kind of scary,” Prof. Krugman said. “And it could be worse than that.”

Earlier, another prominent U.S. economist, Harvard University's Kenneth Rogoff, told the international gathering that it's too early to declare victory over the crisis. “If you're looking for a job, it sure doesn't look like the recession is over.”

The latest grim U.S. jobs report last week underscored their concerns. Official unemployment hit a 26-year high of close to 10 per cent. But that doesn't take into account those who are underemployed or who have dropped out of the labour market. The true level may be as high as 17 per cent, economy watchers say.

In Canada, which has fared comparatively better, Finance Minister Jim Flaherty said he expects uncomfortably high levels of unemployment to persist well into next year, and that he is prepared to do more to help the jobless if the problem becomes worse than he currently foresees.

“I think we have to keep watching and if there are persisting challenges with respect to employment, it might be necessary to do more,” Mr. Flaherty said in an interview yesterday in Istanbul.

He and other finance ministers and central bankers attending a meeting of the Group of Seven countries said in a statement that there is “no room for complacency” despite evidence that the world economy is recuperating, because “prospects for growth remain fragile and labour market conditions are not yet improving.”

The International Monetary Fund last week raised its projection for global economic growth next year to 3.1 per cent from an earlier estimate of 2.5 per cent, citing increased factory output, more consumer confidence and newly stabilized financial markets. But Olivier Blanchard, the fund's chief economist, warned the risks to his forecast were to the downside because unemployment rates in the U.S. and Europe were on track to top 10 per cent.

“The end of the world has been … put on hold,” Prof. Krugman said. But policy makers need to focus on the fact that avoiding another depression is not good enough and that they can't afford to ease back on the throttle. “This is not over.”

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Pescod Talks about...

WEST TIMMING MINING
(T-WTM)
$2.04 -0.03
Mining executive Darin Wagner has had the kind of year
most mining executives only dream of.
His company, West Timmins Mining managed to grab a
whole bunch of land around Lake Shore Gold as gold markets
heated up and then drilled some joint venture targets with
Lake Shore Gold that came up with spectacular results. At
the same time that led to Lake Shore making an offer for
West Timmins Mining.
When negotiations were going on while waiting for some
important drilling results were announced, in the middle of all
that activity with all the lawyers, accountants, and the like
getting together for the long hours in a steamy boardroom,
that’s when Darin Wagner came down with Swine Flu! Funny
how when you have Swine Flu, there are not a lot of people
who want to get to close to you.
It made negotiations a little bit awkward, but they certainly
came out well for West Timmins shareholders who have been
on a rocket for much of this year. Congratulations to Darin!
Meanwhile, success attracts a certain audience and the
shackles come off Darin Wagner on November 6th and he is
free to move to whatever position at any other mining com-
pany he so desires.
Needless to say, there are a whole bunch of people hoping
to get in and ride this jockey one more time. Hoping to get in
on financings or affiliations with whatever new company he
decides to associate with.
I’m sure Darin will remember those who wrote about him in
the past and have said nice things about him and...

RESVERLOGIX CORP.

(T-RVX)

$3.03 -0.27

A few days ago we mentioned that Jim Letourneau of

the Big Picture Speculator and the guy with one of the

hottest hands in the market of late, suggested Resverlogix

Corp. was something we had to have. Usually when Jim

says we have to have something, we find out we usually

have it, so there we are!

In the couple of days since we’ve had it, we can’t be-

lieve the swings in the stock which have been almost

$1.00 a share. A traders delight!

But Resverlogix is in a field (bio-medical) where they

are looking for new drugs that it tends to take so long to

develop a new drug and when they test it, they usually

find out it doesn’t work anyway. However in Resver-

logix’s case, they are after drugs with billion dollar poten-

tial so it just might be worth a ride. As we mentioned, we

are already there.

For those who want a better look at the company, BNN

just had an interview with the company President and it

probably gives you a good idea of what they are looking

for down the road. Just click on this link:

http://watch.bnn.ca/clip218915#clip218915.

BRETT RESOURCES

(V-BBR)

About John Kaiser, of the Bottom Fishing Report and

some of his stock picking abilities. He mentioned to us

and those on BNN that one of his favourite stock picks

was Brett Resources and explained that with his belief that

gold is going to $1200, Brett would offer him plenty of lev-

erage to the price of gold. It, being a potential higher cost

producer down the road.

Which got us to e-mail John Kaiser after his show last

week to ask this simple question: Will we be able to retire

on our holdings of Brett Resources? (Remember, a few

days ago we mentioned we bought a few—now we own a

bunch).

He suggests that yes, we could be able to retire on this,

but remember he needs the $1200 gold to attain that retire-

ment, he reminds us. Which of course got us a little ex-

cited and a whole bunch of fundamental questions came

to mind. Such as what kind of retirement would it be?

Would it be like a California style with all sorts of ser-

vants? Casual drifts to the beach for surfing? Or would it

be one of those retirements of a cabin in the bush?

One does want quality of life in one’s retirement don’t

they? So while we worry about some of those fundamen-

tal questions, we got around to the incidental items such

as what the heck is Brett? What is the name of the pro-

ject….McFallen Lake, how many ounces of gold does it

have...estimates currently come in at five million ounces

and who the heck runs the play?

Patrick Soares is the President and well-known mining

guy Ron Netolitzky is the Chairman. We immediately did

an interview with Patrick Soares which we hope to be run-

ning next Monday. We suggest that this is probably one

of the biggest, unknown gold plays anywhere in the

world...how many five million ounce resources are out

there that you haven’t heard of if you are following the

gold scene...Soares tells us he is probably to blame for it

because he has been so busy in the last 18 months, help-

ing put the company together, considering the market

crash and getting exploration game going and MOU for

native groups that he hasn’t had time to tell the company’s

story. Now he is taking care of that. As we say, we will

publish the interview next Monday.

Of course if gold does go to $1200, there’s a few gold

companies that should do well, provided the brokers

don’t keep printing so much paper!

DEE ENERGY Ready To Run

UPDATE 1-Delphi Energy acquires assets at Hythe, Alberta
6:39pm ET (Reuters)

* Says will exchange non-core assets, pay C$10 mln cash

* Sees additional production of about 630 boepd at Hythe

Sept 30 (Reuters) - Canada's Delphi Energy Corp said it would acquire additional natural gas and light oil assets and related infrastructure at Hythe, Alberta, primarily to boost production.

The acquired assets complement Delphi's existing assets at Hythe, where production has grown from 400 barrels of oil equivalent per day (boepd) to 2,000 boepd over the past two years, the company said in a statement.

Delphi expects additional production of about 630 boepd at Hythe.

The company said it would exchange non-core producing assets and related infrastructure and pay net cash of C$10 million for the acquisition.

The transaction is expected to close by Nov. 3, Delphi said.

The company also maintained its outlook of lowering net debt by about C$2 million to C$4 million by Dec. 31.

Shares of the Calgary, Alberta-based company closed at C$1.41 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

Delphi Energy to list 12 million more shares

2009-09-28 18:16 ET - Prospectus Approved

TSX bulletin 2009-1226

An additional 12 million common shares (symbol: DEE) will be listed at the opening on Wednesday, Sept. 30, 2009. The listing will cover common shares to be sold to the public at a price of $1.25 per common share pursuant to the terms of a short-form prospectus dated Sept. 23, 2009. The closing of the offering is expected to occur prior to the opening on Sept. 30, 2009.

Delphi Energy arranges $15-million financing

2009-09-09 17:33 ET - News Release

Mr. David Reid reports

DELPHI ENERGY ANNOUNCES FINANCING

Delphi Energy Corp. has entered into a financing agreement with a syndicate of underwriters, led by National Bank Financial, to issue and sell, on a bought-deal basis, 12 million common shares of Delphi at an issue price of $1.25 each, resulting in gross proceeds of $15-million. The underwriters will have the option to acquire up to an additional 1.2 million common shares at an issue price of $1.25 per common share for additional gross proceeds of up to $1.5-million for total gross proceeds of up to $16.5-million. Proceeds of the offering will be used to finance Delphi's continuing light oil development program in Hythe and additional potential acquisition opportunities. The offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. Closing is expected to occur on or before Sept. 30, 2009.

Buy Bankers On A Dip And A Red Day = Buy Today

BANKERS PETROLEUM
(T-BNK)
$4.68 +0.17

I guess everyone out there knows that for much of the
last part of the year, Bankers Petroleum was one of our fa-
vourite stories (although now Wavefront Energy is very close
on their heels). We thought we were safe sending out a
note on Bankers in the form we did last week—what with
Abby Badwi off speaking in Connecticut and Doug Urch at
an energy conference in Toronto. No one would note any-
thing we would write here, right? Wrong. It’s not as if
Abby took us out behind the shed for a spanking or any-
thing, but there were a few corrections that he figured peo-
ple should be aware of. His points are:
1)
Bankers had a CAPEX of $78 million in 2008 and are
planning a $50 million program this year, despite only
spending $7 million in first half of this year. 2010 he
suggests, will probably exceed $100 million. This point
is made because we has suggested that some people
even within Bankers might love being taken over by a
huge international that would allow them to throw huge
dollars at their projects in Albania, just to see what it
can do. Bankers is already and definitely doing that,
particularly next year.



How Many Tickets Will It Take Before You Fight Back? GPS Radar Detectors Pay For Themselves.

EFR-T Energy Fuels Granted Special Use Permit for Pinon Ridge Mill by Montrose County

Energy Fuels Granted Special Use Permit for Pinon Ridge Mill by Montrose County


2:32pm ET (INW)


Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), has successfully completed what is probably the most significant step on the critical path to constructing the Pinon Ridge Mill which will process uranium and vanadium ore in the Paradox Valley of western Montrose County, Colorado. The three person Montrose County Board of County Commissioners today unanimously approved the Company's Special Use Permit Application; the third unanimous approval in the County's permitting procedures. This clears the way for Energy Fuels to aggressively pursue the next important step in the permitting process which is obtaining the Radioactive Source Material License ("Mill License") from the Colorado Department of Public Health and Environment ("CDPHE"). Upon issuance of the mill license, Energy Fuels will have the right to construct and operate the mill.

The approval of this Special Use Permit moves the Company forward significantly in its strategic development. Energy Fuels is:

-- well on the way to constructing the first new uranium mill in the US in more than 25 years -- continuing to acquire resources and assets, and is moving to consolidate hard rock uranium mining in the US -- a lower risk alternative to in-situ recovery methods for uranium production in the US



The Montrose County permitting process was initiated over 13 months ago on July 22, 2008, when Energy Fuels formally applied for a Special Use Permit to change the land use designation for the Company's 880 acre mill site located 12 miles west of Naturita, Colorado from "General Agricultural" to "Mineral Resource Operation Facility." Working closely with the County's Land Use Department, Energy Fuels has addressed the concerns of the citizens of Montrose County, and agreed to 19 stipulated conditions adopted after the original permit application. These conditions address issues including groundwater impacts, truck transportation, lighting, and others, all adopted to assure the mill will be a good and responsible neighbor in the Paradox Valley.

This permitting process has stepped through three levels of County regulation which include the West End Planning Advisory Committee, the Montrose County Planning Commission, and the Board of County Commissioners. There have been a total of 6 public meetings with three separate project presentations and more than 30 hours of testimony from over 300 interested parties, including residents of Montrose County, and many from outside the County."

According to George Glasier, President and CEO of Energy Fuels, "Our team has worked diligently on this permit for over a year, responding to objections with appropriate modifications to our original plan. From this point, the process moves into the technically based mill licensing arena, in which the Colorado Department of Public Health and Environment will evaluate our plans in accordance with the rules and regulations for building and operating a uranium mill. The Energy Fuels team is well prepared to demonstrate full compliance with CDPHE's regulations. The overwhelming support of the community in western Montrose County has made the difference in the Company's ability to prove to the Commissioners that this project is good for the County."

Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the content of this press release.

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 55,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, Idaho, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling almost 50,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its recently acquired Magnum Uranium subsidiary, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Nucla, Colorado and Kanab, Utah.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia, Alberta and Ontario Securities Commissions.

Contacts: Energy Fuels Inc. Gary Steele Investor Relations Toll Free: 1-888-864-2125 investorinfo@energyfuels.com www.energyfuels.com



SOURCE: Energy Fuels Inc.
http://www.energyfuels.com

Sometimes you need a laugh...

Top Four 2008 Adult Jokes
Fourth Place :

A man bumps into a woman in a hotel lobby and as he does,
his elbow goes into her breast.
They are both quite startled.
The man turns to her and says, 'Ma'am, if your heart is as
soft as your breast, I know you'll forgive me.'
She replies, 'If your penis is as hard as your elbow, I'm in room 221.'
---------------------------------------------------------------- --------------------------
Third Place :
One night, as a couple lays down for bed, the husband starts rubbing his wife's arm.
The wife turns over and says 'I'm sorry honey,
I've got a gynecologist appointment tomorrow and I want to stay fresh..'
The husband, rejected, turns over.
A few minutes later, he rolls back over and taps his wife again.
'Do you have a dentist appointment tomorrow too?'
------------------------------------------------------------------------------------------
Runner Up:
Bill worked in a pickle factory.
He had been employed there for a number of years when
he came home one day to confess to his wife that he had a terrible compulsion.
He had an urge to stick his penis into the pickle slicer.

His wife suggested that he should see a sex therapist
to talk about it, but Bill said he would be too embarrassed.
He vowed to overcome the compulsion on his own.
One day a few weeks later, Bill came home and his wife
could see at once that something was seriously wrong..
'What's wrong, Bill?' she asked.
'Do you remember that I told you how I had this
tremendous urge to put my penis into the pickle slicer?'
'Oh, Bill, you didn't' she exclaimed.
'Yes, I did.' he replied.

'My God, Bill, what happened?'
'I got fired.'
'No, Bill. I mean, what happened with the pickle slicer?'
'Oh...she got fired too. '
-----------------------------------------------------------------------------------
Winner:
A couple had been married for 50 years.
They were sitting at the breakfast table one morning when the wife says,
'Just think, fifty years ago we were sitting here at this breakfast table together.'
'I know,' the old man said.
'We were probably sitting here naked as a jaybird fifty years ago.'
'Well,' Granny snickered. 'Let's relive some old times.'
Where upon, the two stripped to the buff and sat down at the table.
'You know, honey,' the little old lady breathlessly replied,
'My nipples are as hot for you today as they were fifty years ago.'
'I wouldn't be surprised,' replied Gramps.
'One's in your coffee and the other is in your oatmeal.
===============================================

And 1 more just because its funny...

SHIPWRECKED:

A man was washed up on a beach after a terrible shipwreck. Only a sheep and a sheepdog were washed up with him. After looking around, he realized that they were stranded on a deserted island.

After being there awhile, he got into the habit of taking his two animal companions to the beach every evening to watch the sunset.

One particular evening, the sky was a fiery red with beautiful cirrus clouds, the breeze was warm and gentle - a perfect night for romance.

As they sat there, the sheep started looking better and better to the lonely man. Soon, he leaned over to the sheep and put his arm around it.

But the sheepdog, ever protective of the sheep, growled fiercely until the man took his arm from around the sheep.

After that, the three of them continued to enjoy the sunsets together, but there was no more cuddling.

A few weeks passed by and, lo and behold, there was another shipwreck.

The only survivor was Hillary Clinton.

That evening, the man brought Hillary to the evening beach ritual. It was another beautiful evening - red sky, cirrus clouds, a warm and gentle breeze - perfect for a night of romance. Pretty soon, the man started to get 'those feelings' again..

He fought the urges as long as he could but he finally gave in and leaned over to Hillary and told her he hadn't had sex for months. Hillary batted her eyelashes and asked if there was anything she could do for him.

He said, 'Would you mind taking the dog for a walk?'