URSA Major Minerals Withdraws From Proposed Business Combination With Canadian Arrow Mines - Quick Facts

URSA Major Minerals Inc.(UMJ.TO: News ) announced that it will not be proceeding with the proposed business combination with Canadian Arrow Mines Ltd. that was previously announced on May 25, 2009. URSA Major has not been able to reach an agreement with Canadian Arrow on certain matters.

Richard Sutcliffe, URSA Major's CEO stated ""With improving nickel prices, URSA Major will now focus efforts on preparations for resuming mining at Shakespeare and to revitalizing exploration on the companyPublish Post's advanced targets."

http://www.rttnews.com/Content/CanadianNews.aspx?Node=B1&Id=1018659

Canadian Arrow announces appointment of George E. Pirie to Board; Withdraws from business combination

    SUDBURY, ON, July 28 /CNW/ - Canadian Arrow Mines, Limited. (CRO: TSX-V) ("Canadian Arrow" or the "Company"), is pleased to announce the appointment of Mr. George Edward Pirie, B. Com (Hons), to the Board of Directors. Mr. Pirie is President, Chief Executive Officer and Director of Breakwater Resources Limited.     Mr. Pirie has 29 years experience in the mining business. In 1980 he was with Pamour Porcupine Mines, a division of Noranda, and then joined Dome Mines Limited in 1985. In 1991 he was transferred to Vancouver Corporate Offices of Placer Dome Inc. Mr. Pirie held various progressive positions in a number of Placer's divisions over approximately 20 years, including Chief Financial Officer, Placer Dome North America; Chief Financial Officer, Placer Dome Canada; President and CEO, Placer Dome Canada; and Executive Vice President, Placer Dome Inc. Mr. Pirie has served on a number of boards including the Mining Association of Canada.     Mr. Dean MacEachern, CEO and director of Canadian Arrow stated, "We are extremely pleased to have the support and enthusiasm of a man of Mr. Pirie's calibre. His accomplishments, reputation and leadership are well known in the industry and provide a tremendous vote of confidence in the Company's future growth plans."     He further stated, "Mr. Pirie's considerable depth and breadth of experience in the fields of corporate finance, strategic corporate development, exploration and executive management with major mining companies will considerably enhance Canadian Arrow's team as it develops its Kenbridge nickel project into production."     The Company also announced today that it will not be proceeding with the proposed business combination with Ursa Major Minerals Incorporated that was previously announced on May 25, 2009, as it has not been able to reach an agreement with Ursa on certain matters.      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:      -   Measured Resource: 3,546,000 tonnes grading 0.45% nickel,         0.24% copper, 0.015% cobalt.      -   Indicated Resource: 3,593,000 tonnes grading 0.79% nickel,         0.42% copper, 0.018% cobalt.      The deposit remains open in three directions, is equipped with a 620 m shaft and has never been mined.      (*) National Instrument 43-101: Mr. E. Puritch, P. Eng.,         Ms. Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo. of P&E Mining         Consultants Inc. are the independent qualified persons for the         Kenbridge resource estimates.      Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.     Additional information on Canadian Arrow is available on SEDAR at www.sedar.com.           If you would like to receive press releases via email please                          contact: julia@chfir.com.                  THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT                WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.       Neither TSX Venture Exchange nor its Regulation Services Provider          (as that term is defined in the policies of the TSX Venture        Exchange) accepts responsibility for the adequacy or accuracy of                                this release..      %SEDAR: 00008534E   

Have you had any losses lately?

How to Deal with Losses in the Stock Market

By Ken Little , About.com

You are going to lose money if you invest in stocks. Sooner or later, it’s bound to happen. If fact, it may have happened already and you don’t recognize it because losses can take several different forms.

In its simplest and perhaps most painful form, you buy a stock then watch the price go down and stay down. At some point, you decide to end the pain and sell. (See Knowing When to Sell a two-part series on understanding when the best time to sell a stock.)

This type of loss, which involves an actual dollar amount, is called a capital loss. You can use a capital loss to offset profits (capital gains) for tax purposes. Beyond that, they aren’t worth much other than a painful investing lesson.

Lost Opportunity

There’s another type of loss that is less painful, but very real. Say you bought $10,000 worth of a hot growth stock. One year later, after some ups and downs, the stock is very close to what you paid for it.

You might be tempted to tell yourself, ‘Well, at least I didn’t lose anything.’

Not true. You tied up $10,000 of your money for a year and received nothing in return. If you had bought a bank CD, you would have at least earned a little interest.

Every stock purchase begins with a measurement against a risk-free investment such as a U.S. Treasury Note. Knowing you could earn that return with no risk, how much more can you earn with some additional risk in purchasing a particular stock.

When a stock goes nowhere or doesn’t even match the risk-free return of a bond, you are losing money.

What you lost was the opportunity to invest your money is something that would have earned you a positive return over and above the risk-free return - and that is a true loss.

Missed Profit Loss

This loss results when you watch a stock make a significant run up and then fall back, which may happen with volatile stocks. Few people are successful at calling the top (or bottom) of a market or a stock. You may feel that the money you could have made had you sold at the top is lost money.

Many investors will sit tight and hope the stock will “recover” and regain the high.

The problem is that may never happen and, even if it does, too many investors hold on hoping for even greater profits only to see the stock retreat again.

The best cure for this type of loss is to be happy with a reasonable profit and don’t try to squeeze every penny out of a stock risking a retreat and a “missed profit loss.”

Paper Loss

“It’s only a paper loss.”

“If I don’t sell, I haven’t lost anything.”

You can tell yourself whatever fibs you want, but reality is the only way out of an investing mess. If you made a mistake or something unforeseen happened and you own a stock at loss, you need to decide what to do.

If you believe the company’s long-term prospects are still good, it may be a good time to add to your holdings.

On the other hand, if you believe this is where the stock is going to stay, then your paper loss is becoming a lost opportunity and every day you sit on your paper loss is a day you could have invested your money in something that is earning you a profit.

Conclusion

No one wants a loss, but if it happens, don’t let your ego get in the way of making the right decision. Most of the time, the best course of action is to cut your losses and move on to the next deal.

Canadian Arrow announces appointment of George E. Pirie to Board

Canadian Arrow announces appointment of George E. Pirie to Board; Withdraws from business combination

cnw


SUDBURY, ON, July 28 /CNW/ - Canadian Arrow Mines, Limited. (CRO: TSX-V) ("Canadian Arrow" or the "Company"), is pleased to announce the appointment of Mr. George Edward Pirie, B. Com (Hons), to the Board of Directors. Mr. Pirie is President, Chief Executive Officer and Director of Breakwater Resources Limited.


Mr. Pirie has 29 years experience in the mining business. In 1980 he was with Pamour Porcupine Mines, a division of Noranda, and then joined Dome Mines Limited in 1985. In 1991 he was transferred to Vancouver Corporate Offices of Placer Dome Inc. Mr. Pirie held various progressive positions in a number of Placer's divisions over approximately 20 years, including Chief Financial Officer, Placer Dome North America; Chief Financial Officer, Placer Dome Canada; President and CEO, Placer Dome Canada; and Executive Vice President, Placer Dome Inc. Mr. Pirie has served on a number of boards including the Mining Association of Canada.


Mr. Dean MacEachern, CEO and director of Canadian Arrow stated, "We are extremely pleased to have the support and enthusiasm of a man of Mr. Pirie's calibre. His accomplishments, reputation and leadership are well known in the industry and provide a tremendous vote of confidence in the Company's future growth plans."


He further stated, "Mr. Pirie's considerable depth and breadth of experience in the fields of corporate finance, strategic corporate development, exploration and executive management with major mining companies will considerably enhance Canadian Arrow's team as it develops its Kenbridge nickel project into production."


The Company also announced today that it will not be proceeding with the proposed business combination with Ursa Major Minerals Incorporated that was previously announced on May 25, 2009, as it has not been able to reach an agreement with Ursa on certain matters.



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:




<<
- Measured Resource: 3,546,000 tonnes grading 0.45% nickel,
0.24% copper, 0.015% cobalt.

- Indicated Resource: 3,593,000 tonnes grading 0.79% nickel,
0.42% copper, 0.018% cobalt.

The deposit remains open in three directions, is equipped with a 620 m
shaft and has never been mined.

* National Instrument 43-101: Mr. E. Puritch, P. Eng.,
Ms. Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo. of P&E Mining
Consultants Inc. are the independent qualified persons for the
Kenbridge resource estimates.

Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, socio-political,
marketing, or other relevant issues.
Additional information on Canadian Arrow is available on SEDAR at
www.sedar.com.

DEE ENERGY INSIDER BUYS

Delphi Reports Ninth Quarter of Production Growth and Increases Cash Flow and Financial Flexibility


18:48 EDT Wednesday, July 22, 2009

CALGARY, ALBERTA--(Marketwire - July 22, 2009) - Delphi Energy Corp. ("Delphi" or "the Company") (TSX:DEE) is pleased to announce its financial and operational results for the second quarter ended June 30, 2009.

Second Quarter 2009 Highlights

- Achieved record production of 6,809 barrels of oil equivalent per day (boe/d) in the second quarter of 2009, marking the ninth consecutive quarter of production growth.

- Generated funds from operations of $12.4 million ($0.16 per basic share) in the quarter, up from $10.0 million ($0.13 per basic share) in the first quarter of 2009.

- Reduced net debt to $104.1 million at the end of the second quarter of 2009, down $9.1 million from $113.2 million at the end of the first quarter, increasing total credit availability to $35.9 million.

- Drilled one well with a success rate of 100 percent on a net capital program of $3.3 million in the quarter. For the first six months, the net capital program totaled $17.3 million, approximately 77 percent of the first half cash flow.

- The Company's natural gas hedge position extends as far as December 31, 2010 at an average price of $7.34 per mcf and $6.88 per mcf for the remainder of 2009 and 2010, respectively.

- Renewed the Company's total credit facilities at $140.0 million, consisting of a revolving production facility of $125.0 million and an acquisition/development facility of $15.0 million.

Source

Petrolifera stops La Pinta No. 1 after 776 bbl/d test

Petrolifera stops La Pinta No. 1 after 776 bbl/d test

2009-07-27 08:49 ET - News Release

Mr. Richard Gusella reports

PETROLIFERA PETROLEUM SUSPENDS LA PINTA NO. 1 WELL AFTER TESTING LIGHT GRAVITY CRUDE OIL, EXPERIENCING CASING BREACH BELOW PERMANENT BRIDGE PLUG; RIG TO BE TEMPORARILY RELEASED TO ANOTHER OPERATOR

Petrolifera Petroleum Ltd. has suspended the La Pinta No. 1 well, drilled solely by it on its 100-per-cent-owned Sierra Nevada licence in the Lower Magdalena basin onshore northern Colombia, after testing light-gravity 44-degree API crude oil at instantaneous measured rates of up to 776 barrels per day with limited associated natural gas and no water, from a 25-foot perforated interval at depths between 10,695 feet and 10,720 feet at the top of the Cienaga de Oro formation. Instantaneous rates are not reflective of sustainable production rates and if the La Pinta No. 1 well is remediated such that commercial production is established, these production rates may differ materially from the recorded instantaneous flow rate reflected herein.

The flow of crude oil ceased approximately 30 minutes after the above flow rate was measured. A subsequent wireline survey indicated that this likely occurred as a sand plug had formed in the well's tubing string at a depth of approximately 6,856 feet subsurface, well above the perforated interval. A coiled tubing unit was brought in to clean out the sand plug but this operation had to be discontinued due to the presence of high pressures (estimated up to 8,000 pounds per square inch) below the sand plug and the lack of pressure control on the well during the coiled tubing operation.

There was evidence, including the presence of large pieces of gravel and coarse sand found in the separators and the presence of formation water with the same salinity as that recovered with crude oil in an earlier test of a lower CDO zone, which led the company to conclude that the well may have suffered a casing split, or separation, below the perforated producing interval. This could have propagated downward from the perforations in the upper portion of the CDO due to high pressures and the fluid flow from the producing interval. The casing failure may have allowed the influx of sand and water into the well, which then terminated the flow of crude oil from the perforated interval at the top of the CDO.

The well has been suspended pending remediation of the sand problem, and the drilling rig will be released to another operator for one well for approximately 120 days. The drilling rig will then be returned to Petrolifera for future exploratory drilling, likely also on the Sierra Nevada licence, which the company anticipates renewing for one additional year. This renewal of the Sierra Nevada licence will require a work commitment of 150 kilometres of 2-D seismic and one new exploratory well, likely to be located at either the La Pinta No. 2 location on a separate, shallower prospect or at Brillante, also located on the block.

In the meantime, Petrolifera will evaluate the results of the La Pinta No. 1 well to determine the company's preferred course of action. The rapid influx of fine- to coarse-grained sand, then gravel, and the frequently high instantaneous measured flow rates recorded during the testing program of the upper perforated portion of the CDO is, in the opinion of Petrolifera's technical management, indicative of high permeability within the producing formation. It was the opinion of Petrolifera's technical management, prior to and during the drilling and test of the La Pinta No. 1 well, that the most significant identifiable risk associated with the La Pinta prospect on which the La Pinta No. 1 well was drilled was the possibility of encountering low-permeability reservoirs at the CDO level. This identified risk appears to have been mitigated, although there can be no assurance that the indication of a highly permeable reservoir, based on the influx of sand and gravel and the frequently high measured flow rates of light-gravity crude oil during the testing program, is satisfactory evidence of consistently high permeability over the entire indicated structure in the absence of further testing and drilling activity or that commercial production could be obtained from the well until there is a resolution of the sanding issues which arose during the testing program.

Oil gravities averaging 44 degrees API and assay data indicate that the oil is high quality. Other technical parameters indicate further efforts to complete the well and develop the indicated accumulation are warranted. Accordingly, consideration will be given to timely procurement of a lower-cost snubbing unit to conduct the remedial activity in the upper portion of the CDO. Subsequently, a service rig could be mobilized for the testing of the uphole zones above the CDO in the well, as warranted by drilling results and log analysis. It should also be noted that artificial lift would likely be required at an early stage of production, if not immediately, to produce crude oil from the upper portion of the CDO (if, as and when completed satisfactorily), due to the low indicated volumes of associated natural gas produced with the crude oil while being tested. The company views this situation to be constructive, as since the natural gas volumes are indicated to be low, flaring would likely be permitted. Accordingly, it is anticipated this would allow the company to produce crude oil from the upper portion of the CDO, without having to install high-cost natural gas handling facilities and without having to reinject natural gas back into the formation while producing crude oil from the indicated reservoir.

While this is not the ideal or preferred outcome of the La Pinta No. 1 testing program for Petrolifera, in the opinion of management the cumulative evidence of reservoir, free-flowing high-quality light crude oil, an indicated thick hydrocarbon-bearing section (based on drilling results, logs and some testing) and structural closure, with considerable thickness above an apparent oil/water contact, suggest considerable potential for future development and exploitation. As the drilling and testing costs of the La Pinta No. 1 well are anticipated to be approximately $25-million (U.S.), considerably over the original budget, it may in the future be prudent for the company to attract third party participation by way of farm-out or other form of similar agreement with a third party, with a view to reducing the company's prospective financial and operational risks fully and finally to evaluate the related La Pinta prospect and other identified opportunities on the Sierra Nevada I licence. This approach will be assessed in the near term and determined in the context of the broader range of projects currently in Petrolifera's inventory and having regard to the company's overall financial capacity.

The La Pinta No. 1 well was spudded as reported in Stockwatch news on Jan. 26, 2009, after a 38-day rig mobilization. The well encountered numerous drilling challenges and drilling was completed as reported in Stockwatch news on May 6, 2009. Completion operations were commenced on May 7, 2009, but testing could not commence for 14 days, as an alternate campsite had to be constructed due to landowner complications. Three packer failures contributed a further 16 days to the duration of the testing program. The well will be classified as suspended on July 27, 2009.

Exploration, appraisal and development of reserves is speculative and involves a significant degree of risk. There is no guarantee that exploration or appraisal of the La Pinta No. 1 well will lead to a commercial discovery or, if there is a commercial discovery, that Petrolifera will be able to realize such reserves as intended.

We seek Safe Harbor.

Recession is bust: Carney

Recession is bust: Carney

BLAIR GABLE/REUTERS

Bank of Canada Governor Mark Carney laughs at a question following the release of the Monetary Policy Report July 23, 2009.

BANK OF CANADA FORECAST

Real Gross Domestic Product (percentage change, annualized rate)

-3.5%
Second Quarter

1.3%
Third Quarter

3%
Fourth Quarter

87¢
Average worth of the Canadian dollar against the U.S.

QUARTERLY REPORTS: "Extraordinary measures" by policy-makers have the economy back on track, but the governor of the Bank of Canada warns Canadians to brace themselves for the eventual return of interest rates to historically higher levels

July 24, 2009

RITA TRICHUR
BUSINESS REPORTER

Ultra-low interest rates will not last forever and Canadians should be preparing for the day when their borrowing costs eventually return to more "normal levels," says Bank of Canada Governor Mark Carney.

Carney offered that rare bit of consumer advice yesterday after releasing the bank's latest Monetary Policy Report, which predicted Canada's recession would come to a screeching halt this quarter.

While the economic recovery remains "nascent" and subject to plenty of risks, Carney stressed that "extraordinary measures" taken by policy-makers were already helping the economy get back on track.

Much of the anticipated growth is tied to the central bank's commitment to keep its key interest rate at 0.25 per cent until June 2010, provided that inflation remains tame.

When asked what guidance he'd offer Canadians on the raging "floating- versus fixed-rate" mortgage debate, Carney said it wasn't his place to offer that type of advice. Still, he did warn the days of rock-bottom interest rates would eventually end.

"There's a long way to go, but over time, things will normalize – interest rates will normalize. And the way to think about managing your personal affairs, I would submit, is can I borrow at what would be a normal rate?" Carney said.

"Because at some point down the road – and I'm not predicting when that's going to be – but if we're on track, we'll get to a point where rates are at more normal levels."

Carney also cautioned yesterday that a return to economic growth during the July-to-September quarter would not halt painful layoffs in the job market. Nonetheless, the central bank's rosier-than-expected economic forecast prompted some economists to wonder how long Carney would be able to keep the bank's key lending rate at a record low.

"On the interest rate front, Governor Carney reiterated the conditional commitment to keep rates steady until mid-2010, but warned it was not a guarantee," observed Doug Porter, deputy chief economist with BMO Capital Markets.

"Indeed, given the Bank's relatively robust growth outlook over the next four quarters, questions will increasingly build on that commitment if their call is accurate. If growth comes in even stronger, something's gotta give – rates would then be on the rise before mid-2010."

Already, improved financial conditions, firmer commodity prices and recovering consumer confidence are being factored into the impending recovery. "There is the possibility that we could get into a virtuous circle where improving confidence leads to a better economy, which leads to further improvement in confidence in financial markets," Porter said.

Bond yields, for one, soared sharply earlier this year as the market bet on a quicker-than-expected global recovery. That jump in yields led to two sizeable hikes in medium-term mortgage rates in June. For now, however, the central bank is forecasting economic growth of 1.3 per cent on an annualized basis in the third quarter – an upward revision of its earlier projection of a 1 per cent contraction for the period. That effectively means the end of the recession is imminent.

Overall, the central bank projects the Canadian economy will contract by 2.3 per cent this year, to be followed by growth of 3 per cent in 2010 and 3.5 per cent in 2011.

Inflation expectations, meanwhile, remain "well-anchored" for the medium-term, Carney said. The consumer price index is expected to decline 0.7 per cent on a year-over-year basis this quarter, but increase by 1.2 per cent during the final quarter of this year.

DELPHI REPORTS NINTH QUARTER OF PRODUCTION GROWTH AND INCREASES CASH FLOW AND FINANCIAL FLEXIBILITY

Symbol DEE-T

Target: $1.55 6mth target

Shares Issued79,067,158

Close 2009-07-22C$ 1.01

2009-07-22 19:15 ET - News Release

See This Company Report For Dee Click Here

Mr. David Reid reports

DELPHI REPORTS NINTH QUARTER OF PRODUCTION GROWTH AND INCREASES CASH FLOW AND FINANCIAL FLEXIBILITY

Delphi Energy Corp. has released its financial and operational results for the second quarter ended June 30, 2009.

Second quarter 2009 highlights:

* Achieved record production of 6,809 barrels of oil equivalent per day (boed) in the second quarter of 2009, marking the ninth consecutive quarter of production growth;
* Generated funds from operations of $12.4-million (16 cents per basic share) in the quarter, up from $10.0-million (13 cents per basic share) in the first quarter of 2009;
* Reduced net debt to $104.1-million at the end of the second quarter of 2009, down $9.1-million from $113.2-million at the end of the first quarter, increasing total credit availability to $35.9-million;
* Drilled one well with a success rate of 100 per cent on a net capital program of $3.3-million in the quarter. For the first six months, the net capital program totalled $17.3-million, approximately 77 per cent of the first half cash flow;
* The company's natural gas hedge position extends as far as Dec. 31, 2010, at an average price of $7.34 per million cubic feet and $6.88 per million cubic feet for the remainder of 2009 and 2010, respectively;
* Renewed the company's total credit facilities at $140.0-million, consisting of a revolving production facility of $125.0-million and an acquisition/development facility of $15.0-million.

FINANCIAL HIGHLIGHTS
(thousands of dollars except per-unit amounts)

Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008

Petroleum and natural
gas sales 23,229 38,569 47,434 70,781
Per boe 37.49 68.33 38.62 63.45
Funds from operations 12,371 19,965 22,388 37,024
Per boe 19.97 35.37 18.23 33.18
Per share -- basic 0.16 0.29 0.28 0.54
Per share -- diluted 0.16 0.28 0.28 0.53
Net earnings (loss) (2,817) 49 (6,137) (690)
Per boe (4.54) 0.09 (4.99) (0.62)
Per share -- basic (0.04) - (0.08) (0.01)
Per share -- diluted (0.04) - (0.08) (0.01)
Capital invested 3,602 7,489 17,694 33,987
Disposition of
properties (74) (2,950) (225) (2,950)
------ ------ ------ ------
Net capital invested 3,528 4,539 17,469 31,037
Acquisition of
properties (218) 3,850 (218) 3,850
------ ------ ------ ------
Total capital 3,310 8,389 17,251 34,887

Message to shareholders

Despite the 30-per-cent drop in the AECO natural gas price in the second quarter as compared with the first quarter of 2009, Delphi accomplished modest growth in average quarterly production volumes, stronger cash flow than in the first quarter and in combination with a minimal capital program, achieved significant net debt reduction during the quarter. At the end of the second quarter, the company had increased its financial flexibility with $35.9-million of available credit lines. The company believes it is well positioned for sustainable long-term, organic growth in any business environment. The global recession continues with commodity prices remaining under pressure, however, Delphi believes it can operate effectively in these challenging times and is in a position of relative strength to many of its peer group.

During the second quarter, the company's field operations were limited due to spring breakup. The company was, however, able to begin its summer capital program by mid-June with the completion of drilling operations on a well (1.0 net) at Hythe, Alta., by the end of the second quarter and undertook several recompletions. Fracture stimulation and tie-in operations of the drilled well will be completed in the third quarter. The focus of the summer capital program will continue to be directed toward the Hythe and Bigstone properties to take advantage of the multizone nature of these assets, low operating costs and quick on-stream capability associated with owned gathering and processing infrastructure. Total net capital expenditures for the second quarter were $3.3-million.

Production during the second quarter of 2009 averaged 6,809 boed, an increase of 10 per cent compared with 6,202 boed in the second quarter of 2008 and 1 per cent greater than the first quarter in 2009 of 6,762 boed. Second quarter production represented Delphi's ninth consecutive quarter of production growth. New production from the company's successful first quarter capital program contributed significantly to this modest growth in second quarter production despite significant turnarounds at Bigstone and the company's northeast British Columbia operations during the quarter.

Delphi's production continues to receive a premium to the price at AECO due to marketing arrangements, heating content and natural gas hedges. Approximately 53 per cent of the company's natural gas production was hedged at an average price of $7.38 per million cubic feet in the second quarter, resulting in a gain on natural gas contracts of $7.0-million. Delphi's realized natural gas price of $5.81 per million cubic feet in the second quarter represented a premium of 67 per cent to the average AECO price in the quarter.

Funds from operations in the second quarter of 2009 were $12.4-million (16 cents per basic share) compared with $20.0-million (29 cents per basic share) in the second quarter of 2008, primarily as a result of significantly lower average oil and natural gas prices being partially offset by increased production volumes, reduced royalty rates and an 8-per-cent reduction in cash operating costs per barrel of oil.

At June 30, 2009, the company had net debt of $104.1-million, a $5.1-million decrease from $109.2-million at Dec. 31, 2008. The decrease in net debt during the first six months of 2009 resulted from Delphi's successful capital program totalling only $17.3-million or 77 per cent of the cash flow generated in the first six months of 2009. The company's debt-to-cash-flow ratio on an annualized 2009 cash-flow basis was reduced to 2.3:1 at the end of the second quarter from 2.8:1 at the end of the first quarter. Net debt includes bank debt plus working capital deficiency excluding the risk management asset and the related current future income taxes liability.

The annual credit review by the company's lenders was completed in the second quarter. The company's lenders continue to be National Bank of Canada and Bank of Nova Scotia. The total credit facilities were renewed at $140.0-million comprising a revolving $125.0-million production credit facility and a non-revolving $15.0-million acquisition/development credit facility. At the same time, the pricing on the facilities had been adjusted to reflect current market rates for credit facilities of this nature. All other terms of the credit facilities remain unchanged from the previous arrangements.

Northwest Alberta

During the second quarter, Delphi achieved record production volumes as a result of the successful first quarter drilling, workover and optimization program primarily focused in the Hythe and Bigstone areas. Operations during the second quarter were limited in scope due to spring breakup which typically restricts the ability to conduct drilling and workover operations until late in the quarter. Operational activities in the second quarter were focused on moving forward projects that would build upon the successes in the first quarter and position the company to exploit its predictable, repeatable and capital efficient opportunities.

Hythe

At Hythe, the company drilled and cased one vertical gas well (1.0 net) during the second quarter. Completion operations have been initiated and a total of six zones will be completed based on log analysis. This well offsets other Delphi producers that have initial three-month average production rates ranging from 250 to 600 boed. As a follow-up to the Doe Creek light oil discovery first announced in Stockwatch in September, 2008, Delphi has recompleted a 100-per-cent-working-interest well which offsets the discovery well. The recompletion was successful and the well tested at rates in excess of 225 barrels of oil per day (bbls/d) over a 48-hour flow period. The well has been tied in to Delphi's infrastructure and has been placed on production at a stabilized rate of 160 bbls/d. A horizontal well offsetting the successful oil recompletion has been licensed and will spud prior to the end of July to calibrate the productivity enhancement and increased reserve recovery associated with a multistage fracture completion. In reservoirs of this nature, initial production rates and reserve recoveries for horizontal wells are typically two to three times that of vertical wells.

The company is continuing to move drilling, recompletion and optimization projects forward by obtaining the regulatory and partner approvals necessary for project execution. Timing of the individual projects will be dependent upon commodity pricing and results from completed operations. The second half capital program at Hythe was generated from a project list that exceeds $48.0-million allowing for operational flexibility in regards to project selection. Delphi currently has eight vertical wells and four horizontal wells licensed or in the process of being licensed for the contemplated remaining 2009 capital program.

Technical and operational activities are continuing in an effort to unlock the large volumes of gas in place associated with the Nikanassin formation. One of the vertical wells drilled in the first quarter was successfully completed in the Nikanassin and was mechanically isolated during the second quarter while a prolific uphole Cretaceous sand was production tested. The company is now in the process of commingling the Nikanassin with several uphole Cretaceous sands with a completion design that will allow for long-term performance monitoring of the Nikanassin formation. Pressure transient analysis indicates this well has experienced only minimal pressure depletion even though it is located 775 metres from an offset Nikanassin completion that has cumulative production of 2.2 billion cubic feet. The pressure and production data support the volumetric calculations of 15 billion cubic feet per spacing unit in this part of the Hythe field. A regional study has been initiated to characterize the porosity and permeability relationships, define geologic depositional models and understand the effects of various drilling and completion practices. The outcome of this study will allow Delphi to optimize development of the Nikanassin resource in relation to deliverability and reserve recovery. Toward that end, the company has identified multiple Nikanassin recompletion opportunities to be pursued in the second half of the year.

Delphi continues to take advantage of attractive opportunities resulting from the current business environment through the acquisition of undeveloped land. During the second quarter, the company successfully participated in several Crown land sales acquiring 1,280 gross acres at a working interest of 100 per cent.

Bigstone

At Bigstone, the company has licensed and built a location in preparation for drilling an offset to a successful first quarter well that averaged 650 boed gross over the first three months of production. In addition, Delphi is continuing to evaluate performance results from several Cardium oil pools on the Bigstone lands and is monitoring industry activity along trend in the Cardium formation. Delphi currently has identified six potential Cardium horizontal oil wells of which two are in the process of being licensed for the contemplated remaining 2009 capital program.

Outlook

Natural gas prices have continued to weaken throughout the first part of the year and are at risk of further reduction as a result of natural gas supply in excess of demand, particularly due to reduced industrial demand from the lower economic activity in North America. Delphi will manage its capital spending prudently in light of the fact that potential lower natural gas prices may prevail for the remainder of 2009. As in prior years, the company's risk management program provides stability to the company's cash flow for the remainder of the year allowing a minimum level of capital to be incurred.

The company will continue to be disciplined in its capital spending, focusing on the lowest-risk development projects in its core areas of Bigstone and Hythe. Drilling to develop the resource potential in the Bluesky, Dunvegan or Nikanassin formations from the Hythe property will be considered as part of the second-half capital program. Operational risk, capital required and overall capital efficiencies will be the driving factors in pursuing the resource-type plays in the current and expected low natural gas price environment. The board of directors has approved a second-half capital program of $18.0-million to $23.0-million for a total capital program of $35.0-million to $40.0-million in 2009.

Cash flow for 2009 is forecast to be between $38.0-million and $43.0-million on an average natural gas price for AECO of approximately $4.25 per million cubic feet. The company has hedged approximately 51 per cent of its natural gas production at $7.34 per million cubic feet for the remainder of 2009 to achieve this forecasted cash flow. Over the year and based on its current capital program, Delphi expects an overall reduction in net debt of approximately $2.0-million to $4.0-million from the amount outstanding at Dec. 31, 2008.

Delphi remains confident in its ability to achieve continued per-share growth during these challenging times. The company's expanding inventory of drilling locations gives rise to continued optimism for growth beyond 2009.

On behalf of the board of directors and all the employees of Delphi, the company would like to thank its shareholders for their continued support and patience in these very difficult and uncertain economic times. Delphi's team effort remains focused on sustainable economic growth while maintaining the financial strength and flexibility to take advantage of strategic opportunities which may arise in the coming year.

Conference call

A conference call is scheduled for 9 a.m. (Mountain Time) (11 a.m. Eastern Time) on Thursday, July 23, 2009. The conference call number is 800-565-0813 or 416-695-6616. A brief presentation by David Reid, president and chief executive officer, and Brian Kohlhammer, vice-president, finance and chief financial officer, will be followed by a question-and-answer period.

If you are unable to participate in the conference call, a taped broadcast will be available until Aug. 6, 2009. To access the replay, dial 800-408-3053 or 416-695-5800. The passcode is 3752405. Delphi's second quarter 2009 financial statements and management's discussion and analysis are available on Delphi's website and will be available on SEDAR within 24 hours.

We seek Safe Harbor.

While U.S. gasoline sales have slumped, Canadian consumption has soared to a new high

Heather Scoffield and Jennifer MacMillan

Ottawa, Toronto — Globe and Mail Update Last updated on Wednesday, Jul. 22, 2009 08:16AM EDT

Thanks to his Ford Ranger, house painter Richard Gouveia has kept on trucking through the recession, relying on his pickup to get to work from his Toronto-area home and to haul gear from one job to another.

After a slump in business last year, Mr. Gouveia said he's now driving as much as he ever has.

Like many other Canadians, he hasn't cut back on the gas he uses, despite the recession, and in stark contrast to Americans who have changed their driving habits.

Gasoline consumption in Canada hit a record in April as consumers spent $1.839-billion, Statistics Canada said yesterday, using data adjusted to eliminate price changes and seasonal factors.

In the United States, in contrast, gasoline consumption dropped sharply late last year, and has since stabilized at a lower level, according to data from the U.S. Bureau of Economic Analysis. Mileage has also dropped sharply for American drivers.

Gasoline graphic

The Statscan numbers show consumption rose 3.6 per cent in April from a year earlier, although there's no specific data for 2009 to suggest Canadians are driving more or are returning to gas guzzlers.

But the fact that Canadians are doing better than Americans means they're not facing the same pressure to drive less, said Michael Ervin, president of refining and marketing consultancy MJ Ervin & Associates.

“People still have to get to work and pick up groceries,” he said from his Calgary office. “We haven't seen any discernible decline in demand.”

Mr. Ervin also pointed out that gas prices in April were lower than they were last year, despite being on the rise since the beginning of this year. But Canadians haven't been immune to the effects of the global recession and high gas prices.

Last summer, drivers cut back as the slump took hold in Canada and gasoline prices soared.

But consumption climbed again last fall and stabilized during the darkest days of the downturn. And when the labour market slowed its freefall this spring, gasoline consumption resumed its upward track.

Canadian gas use isn't higher across the board – sales of low-sulphur diesel, used by transport trucks, fell 7 per cent in the first four months of 2009 from last year. The drop was steeper in Ontario, which saw a 15-per-cent decline as manufacturers shuttered operations over the past year.

However, Philip Cross, chief economic analyst at Statistics Canada, said the latest gas use numbers are another sign that employment and incomes are not declining as much in Canada as in the U.S.

In Canada, auto sales have also picked up – in May, sales of new motor vehicles rose 1 per cent from April, mainly because of a 2.2-per-cent increase in sales of trucks, vans and buses. Over the past year, car sales have plunged 24 per cent, but truck sales have only fallen 4.6 per cent, Statscan said.

Many Canadians are still driving the compact cars they bought last year and earlier, when gasoline prices were rising, said Benjamin Tal, an economist at CIBC World Markets. However, with their more efficient cars, Canadians are also showing a tendency to drive more as they take advantage of their savings – a paradox of efficiency, he said.

“What you're seeing now is the ‘efficiency paradox' working beautifully,” he said. “You drive more miles because you think you're saving money.”

Fuel efficiency has improved so much that vehicles in Canada use 9.8 litres to travel 100 kilometres on average, the first time that number has fallen below 10 litres.

Auto industry analyst Dennis DesRosiers said he's skeptical that Canadians are spending more time on the road.

“Two-thirds to three-quarters of driving is related to work,” said Mr. DesRosiers, president of DesRosiers Automotive Consultants Inc. in Richmond Hill, Ont. “With these unemployment rates, the total amount of driving is down, absolutely down.”

Bob Bentley of the Freedom Ford dealership in Edmonton said he has seen a growing interest in fuel-efficient cars, but not from his truck-driving customers.

“In rural areas, people have always favoured trucks over cars and that trend hasn't changed,” Mr. Bentley said.

He added that trucks have also been insulated from big fluctuations in sales because of the built-in demand from people who need them for work, such as Mr. Gouveia back in Ontario. With files from reporter

Greg Keenan in Toronto

TSX's six-session winning streak snapped

TheStar.com - Business -

TSX's six-session winning streak snapped

Loonie backs off early gains after central bank warns strong currency harming pace of growth
July 22, 2009

The Toronto stock market closed lower yesterday despite another series of positive earnings reports and optimistic outlooks.

The S&P/TSX composite index broke a six-session winning streak, falling 25.39 points to 10,515.32. The drop came after the index jumped almost 800 points, riding a wave of higher oil prices and earnings reports that raised confidence the economy is improving.

"This is the most solid evidence we've seen that conditions are improving," said Jack Ablin, chief investment officer at Harris Private Bank in New York.

The Canadian dollar backed off from early sharp gains after the Bank of Canada warned the higher value of the loonie, as well as ongoing restructuring in key industrial sectors, is significantly moderating the pace of overall growth. The comment came as the bank said it was leaving its key interest rate unchanged at a quarter point.

The loonie has risen sharply over the past 10 days, benefiting from a weak U.S. dollar and the recent surge on global stock markets. The loonie declined 0.02 of a cent yesterday to 90.33 cents (U.S.), after earlier hitting the 91 cent level.

The industrials sector was the leading group, up 2.1 per cent after Canadian National Railways said it expects its business has hit bottom and volumes should pick up steam in the second half of the year.

CN said that a weakened North American economy and global slowdown caused second-quarter profits to drop nearly 14 per cent to $387 million (Canadian). Revenues fell to $1.78 billion from $2.1 billion.

"We were happy with the numbers, all things considered," said Garey Aitken, chief investment officer at Bissett Investment Management. "There's no getting around the fact volumes are way down for the transport industry. That has a big impact on revenues."

CN shares rose $1.06 to $50.55, while Canadian Pacific advanced $1.67 to $43.55.

Mining stocks were the biggest drag on the TSX. The gold sector shed 1.5 per cent as the August bullion contract in New York stepped back $1.90 to $946.90 (U.S.) an ounce. The base metals group was off almost 2 per cent. The September copper contract fell 1.8 cents at $2.451 a pound.

The TSX Venture Exchange slipped 3.45 points to 1,114.64.

New York markets extended gains as the Dow Jones industrials climbed 67.79 points to 8,915.94.

The Nasdaq composite rose 6.91 points to 1,916.2 while the S&P 500 index was up 3.45 points to 954.58.

Pleasing investors was U.S. heavy-equipment maker Caterpillar Inc., which boosted its 2009 profit outlook. Its shares jumped $2.81, or 7.7 per cent, to $39.46.

The TSX energy sector lost 0.43 per cent as the August crude contract on the New York Mercantile Exchange rose 74 cents to $64.72 a barrel.

The Canadian Press

PDP-T Curr. Fiscal Year EPS estimate upgrade x.32 cents per share

WebBroker Alert

========================

PDP-T Curr. Fiscal Year EPS estimate upgrade

20-Jul-2009 09:04 PM

PDP-T
Curr. Fiscal (new): .21
Curr. Fiscal (past): -.11
Curr. Fiscal Change %: .32

Shares: 54,948.000 x .32=$17,533,360.00

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PDP Float Is Small And The Run Up Will Be Large -If Results Are as Expected

A Large Cross 123,500 Shares

The information posted on Stockhouse Bullboard

as show below is false according to CEO,

I have posted the relevant quote from the email`

and I quote Mr. Gusella

`No insider sold stock. Your information is incorrect based on the advice of counsel. All insiders of the company are in a blackout and have been for a protracted period of time. Any information provided suggesting there was an insider selling is wrong.

A former director may have sold stock and continued to be listed as an insider - that would have been related to exercise of options within 90 days of leaving the board. But such a person is no longer an insider and is not privy to any inside information.

You only lose money if you have sold. If the stock is down I suspect it will come back. Most analysts wrote today suggesting short term weakness but with healthy targets including some in the $3 plus range awaiting results form the La Pinta well which have not yet been released as testing is not yet complete.

I am obligated to issue the release based on our decision not to sell Argentina as there were no "acceptable" bids - there were many bids. We operate on the basis of full, plain, true, timely and material releases based on reliable information after due review by counsel and our technical and financial staff. I have no conclusive information yet about the La Pinta well so it is premature to conclude we cannot find oil in Columbia (sic).

We could have sold our business in Argentina but we chose not to.

Investors sold 792,800 shares and investors bought 792,800 shares.

We have not had a losing quarter. The stock market perception of our business has resulted in lower share prices but you will recall there were profound negative impacts from Argentina freezing the oil price.`` Richard Gusella CEO

I have searched for Insiders Buy/Sells,

I see nothing that shows Insiders dumping

Be careful of shorts on Stockhouse,

they just want to take your shares.

#1 Click Here To See Insiders Report On PDP

#2 This is Todays Report On Insiders At PDP

Email Lottery Scammers - I won!!!!

Lottery E-mails and Lottery Scams

Lottery e-mail scams include sending unsolicited (spam) e-mails that say that you've won millions of dollars for a variety of reasons other than the purchase of a lottery ticket. Generally, these e-mails originate somewhere outside the US, where the criminals can safely scam you, with virtually no chance of getting arrested or prosecuted. At some point, they will ask you to pay some fee or fees to claim your prize. Once you are onto their scam, they will disappear and your chance of any type of recovery is essentially none. We have included several recent examples. website source

In my email box today-
Do People Still Fall For This Crap?
They must, fraudsters keep spamming email!

Anonymous Accumulation Of PDP #1=Smart Money

Petrolifera CEO Refutes Insider Sale Claim

The information posted on Stockhouse Bullboard

as show below is false according to CEO,

I have posted the relevant quote from the email`

and I quote Mr. Gusella

`No insider sold stock. Your information is incorrect based on the advice of counsel. All insiders of the company are in a blackout and have been for a protracted period of time. Any information provided suggesting there was an insider selling is wrong.

A former director may have sold stock and continued to be listed as an insider - that would have been related to exercise of options within 90 days of leaving the board. But such a person is no longer an insider and is not privy to any inside information.

You only lose money if you have sold. If the stock is down I suspect it will come back. Most analysts wrote today suggesting short term weakness but with healthy targets including some in the $3 plus range awaiting results form the La Pinta well which have not yet been released as testing is not yet complete.

I am obligated to issue the release based on our decision not to sell Argentina as there were no "acceptable" bids - there were many bids. We operate on the basis of full, plain, true, timely and material releases based on reliable information after due review by counsel and our technical and financial staff. I have no conclusive information yet about the La Pinta well so it is premature to conclude we cannot find oil in Columbia (sic).

We could have sold our business in Argentina but we chose not to.

Investors sold 792,800 shares and investors bought 792,800 shares.

We have not had a losing quarter. The stock market perception of our business has resulted in lower share prices but you will recall there were profound negative impacts from Argentina freezing the oil price.`` Richard Gusella CEO

I have searched for Insiders Buy/Sells,

I see nothing that shows Insiders dumping

Be careful of shorts on Stockhouse,

they just want to take your shares.

#1 Click Here To See Insiders Report On PDP

#2 This is Todays Report On Insiders At PDP

Petrolifera to keep Argentine assets, Q2 results Aug. 6

The stock has bottomed according to the technical analysis

Buy now for the next run up.

Thomas Weisel Shares In The Last 1 mth

Thomas Weisel Crosses 50,000 shares today

Remember At The Moment PDP Has A Small Public Float

I have searched for Insiders Buy/Sells,

I see nothing that shows Insiders dumping

Be careful of shorts on Stockhouse,

they just want to take your shares.

#1 Click Here To See Insiders Report On PDP

#2 This is Todays Report On Insiders At PDP

PDP IS WAY OVERSOLD AND WILL SPRING BACK WITH MODEST BUYING

Sheeple Running And Why?

Stupidity In My View

Brokers Accumulation While Retail Sheep Sell Low

This news release was not the 1 we hoped for, but

PDP generates profit from over 6500 barrels of oil per day

And they will continue the Columbia Drilling And Evaluation

Its bargain basement buying day!

Petrolifera to keep Argentine assets, Q2 results Aug. 6

2009-07-15 17:15 ET - News Release

Mr. R.A. Gusella reports

PETROLIFERA TO RETAIN ARGENTINEAN OPERATIONS, COMMENTS ON LA PINTA TESTING

Petrolifera Petroleum Ltd.'s bids received in respect of its Argentinean operations were unacceptable. Accordingly, Petrolifera has concluded the sale process and will retain its assets in the country.

A continuing capital program will be developed and initiated over the next several months to maximize production levels at Puesto Morales Norte and to fulfill modest remaining work commitments on its exploratory lands at Vaca Mahuida, Puesto Guevara and Gobernador Ayala II. A multiwell heavy oil drilling program has been under way at Gobernador recently and the results will be assessed to determine future exploitation opportunities.

In Colombia, Petrolifera has completed the testing of several zones in one formation at depth in the La Pinta well and is continuing its evaluation program of various uphole zones. The testing of the well has been problematic due to overpressuring, difficult hole conditions even though the well is cased, challenges with equipment failures compounded by the aforementioned issues and other factors. It is hoped the evaluation program of all important zones of interest, which can be tested in this well, will be completed shortly. At such time, definitive results will be communicated to the company's shareholders and capital markets.

Petrolifera anticipates providing its second quarter 2009 and year-to-date 2009 operating and financial results to capital markets on Aug. 6, 2009, and a conference call will be scheduled for the morning of Aug. 7, 2009.

Details for the conference call will be provided in the press release providing the aforementioned results.

We seek Safe Harbor.

Stockhouse Poster investorguy11 says:

At first glance this news doesn't seem that great. However one has to consider the improvements in the markets and price of oil since PDP announced their intent to divest of their Argentina assets for the right price. Not only that, but this news may be a net positive for the company in the months ahead.

Fact is, their Argentina assets produce $10-15+ million in cashflows per quarter and could increase even more so with Argentina's recent efforts to have active producers capture more profits from higher world oil prices.

Add to that the quite likely few thousand plus boepd PDP could pick up from their La Pinta well and they could have production in excess of 10k boepd easily in the near future. Their second well in Columbia could add another few thousand plus boepd. Cashflows will ramp up significantly, as will reserves.

While we wait for the final numbers in Columbia and production to begin, it's not such a bad thing to have production and cashflows continuing to come in from the Argentina assets. Petro Andina recently rejected a bid for around $8 per share and immediately moved to the $9 range after the bid was received.

This bodes well for the value of Petrolifera's Argentina assets. Bottom line is that there is no benefit to shareholders if PDP were to divest of their Argentina assets at a significant discount to their worth and coming out the market we were in until mid March, it's no surprise that bidders were making inadequate offers. At the end of 2008 the 10% PV of 2P reserves for Argentina alone were worth about $6 per share and 3P over $9.

The value of Petrolifera's concessions in Columbia and Peru are worth multiples of the current stock price and in due time the market will have no choice but to take notice. Check out the flow rates on PMG's (Petrominerales) Corcel block wells in Columbia.

The upside with PDP exploration/production in Columbia and Peru is huge.

This is only their first high impact well. Things can only get better from here.

Go PDP!

Report Insider To The Ontario Security Commission Who Sold Ahead Of The News Release Here http://www.osc.gov.on.ca/Investor/Complaints/cpt_index.jsp

Bankers Petroleum Ran Up 16.62 % Today

We’ve written up Bankers Petroleum a bunch, so you
know that it’s one of our favorite stories out there and we
will continue to follow it rather closely.

Yesterday, the company announced some updates in-
cluding the pleasant surprise that production for the quar-
ter came in at 6385 barrels a day, which was a little higher
than expected.

Genuity Capital analyst Jamie Somerville writes those
numbers were “slightly ahead of our assumption of 6,100
Bbl/d. In addition, realized prices of $35.11/Bbl reflect 55%
of Brent, compared to our assumption of 54% of Brent.”
Somerville writes,

“Bankers remains our top pick in our
coverage of International E&Ps based on that relative
valuation discount, and expectations for reserves and pro-
duction growth.”
Meanwhile, it was also announced that the company
had some warrants exercised by some of their interna-
tional bankers, putting another $12 million in their bank.
They should be having a very active drilling program over
the next six months and drilling on their second horizontal
well (No. 5014) in the Patos Marinza field commenced on
July 8th and is scheduled to reach total measured depth
by the end of this month.

Somerville gives Bankers a target of $3.20 over the next
12 months. Terry Peters of Canaccord Capital ups his
target on Bankers to $3.20 as well. Raymond James has
raised their target on Bankers from $3.00 to $4.00 and we
also suggest that one of the best reports we’ve seen on
the company was done by Kevin Shaw out of Wellington
West, also with a $4.00 target. To get a copy though, one
has to e-mail the analyst directly at kshaw@wwcm.com.
Meanwhile, if you are looking for a great place to vaca-
tion in a place that’s a little different, why not consider
Albania? Just north of Greece with the same type of gor-
geous beaches and water, but totally undeveloped be-
cause of the decades ruled by Hoxha.

It’s also dirt-cheap
which should appeal to all the young travelers of the world
that seem to be going a long way away to Thailand these
days. Albania is definitely an alternative.

How cheap is it?
In a beautiful café in the mountains, two Heinekens and a
cappuccino is yours for $5.00 Cdn.

Pescod Writes Today BANKERS PETROLEUM (T-BNK)

BANKERS PETROLEUM
(T-BNK)

So after one of the biggest market crashes ever and fol-
lowed by one of the biggest rallies ever (and once again a
correction) what next? We mentioned on Friday, Bob Hoye
of Chartworks has had a pretty good sense of timing over
the last year or so—not perfect, but a lot better than most.

He is predicting over the next couple of months for the
resource sector, we have a bit of consolidation, but then
things could get quite good again as he is expecting the fall
is the time to get back into energy stocks and he had some
really interesting comments about gold for that time period
as well.
This goes hand in hand with the usual resource cycle,
which is buy in early fall and sell in April, so his expecta-
tions for the gold and oil and gas sector aren’t that much out
of a normal cycle at all.

So we will take this time to take a look at three of our fa-
vourite stories as we narrow down a long list and look for-
ward to a time in the next few weeks and months of shop-
ping and stink-bidding.

Bankers Petroleum:

We’ve learned over the years that it’s very
important for any company you invest in to make sure that
the country or province or state is a good place to be in-
volved. Over the last six months or so, more than a few peo-
ple have got to be shaking their heads about what is going
on with the Premier of Alberta and what he is doing.

First he raises royalty rates to some of the highest in Canada and
sends the oil and gas business packing to Saskatchewan
and BC. Lately he has lowered the royalty rates and after
just increasing alcohol taxes, he has reduced them in just a
matter of weeks and then he is going to reduce tobacco
taxes. Sounds like a little bit of an iffy place, doesn’t it?
Yes, the Alberta oil and gas players have got to be shaking
their heads…
Meanwhile we were off to Albania, a country that suffered
for 30-some years under the dictatorship of Hoxha and right
now, all of the people we met in Albania are dying to have
what the western world takes for granted and they will do
what it takes to get there.

Where else have you seen a gov-ernment pass laws to make sure there is less regulation out
there so that projects can get done. You get over there and
see the new roads being built, the housing being built and
while much of the western world might be slowing, in Alba-
nia, things are going the right way. Mind you, from a lower
level. The other thing about visiting Albania is that when
you see

Bankers project in southern Albania, you realize the scale of it.

Go over a small hill and a valley is just full of hundreds
and hundreds of old derricks from the Chinese and Russian
days. Go over another hill and there’s another couple of
hundred or thousand rigs or so and it just keeps on going as
far as the eye can see. No wonder the analysts and others
debate and wonder whether it’s four billion barrels of re-
sources that they have or six or eight or who knows? It’s
enormous.

Abby Badwi and his team of Doug Urch from the old Rally
days are going to try and replicate exactly what they did in
Egypt. Take an old, heavy oil project, use new technology
and try to increase production and the resource numbers.
Whether he’s going to try and do that for one year or two
years, before the assets are sold to someone really big, who
can really turn up the temp is open to debate, but with a team
that has done it before, we suspect can do it again and we
also suspect down the road, higher oil prices will help.

The best report out there that we would consider manda-
tory reading would be a recent one by Kevin Shaw of Wel-
lington West that gives Bankers Petroleum a $4.00, one-year
target.

In talking with Kevin, he suggests it could be as
much as two years before the company is sold and we love
his tasty target for a 2-year target.

Keegan Resources: The one thing about Bob Hoye that might
get you a little bit excited about gold is his most recent July
7th report where he points out that at the end of every dec-
ade, there has been an enormous run in something. Every
year over the last 40 years ending in a “9” has seen some-
thing explosive...be it the Nikkei Index in Japan going
through the roof, the price of gold decades ago doing the
same, interest rates, or the flight that NASDAQ took. Hoye
suggests that this time, it could well be gold which he feels
is currently consolidating.

He points out that if gold goes through its old highs, there
are not too many analysts out there that wouldn’t expect
$1250 to $2500 for gold.

While I can’t see a sign of inflation out there anywhere,
anytime soon, there is an awful lot of money flooding into
gold-based ETF’s these days—meaning that suddenly, it’s
not just the gold bugs that are interested in gold anymore.
It’s still a very debatable topic, but we’ll see.

In the meantime, Keegan is a play in a country where gold
is starting to play a big role (Ghana) and more importantly,
they want the jobs. They are encouraging development in
the business and gold resources in the country already ap-
proach more than 100 million ounces.

Biggies that are players there, such as Newmont and
there’s more than a few people following Keegan that wonder
how long before Keegan could disappear.
In the meantime, the debate remains whether they have 3
1/2 or 4 1/2 million ounces that additional exploration over
the next six to eight months, could add considerably to what-
ever number you want to use.

Should gold prices go, all gold stocks should participate,
but Keegan is one that is followed by only two analysts that
we could find, but we suspect over the next eight weeks,
many more analysts will start discovering this story and add
following to Keegan, which currently is rather an illiquid and
volatile stock.

On a spike up, it previously hit $4.00, and it’s your for sale
for significantly less. For those who would like a decent back-
ground report, e-mail Debbie for a look-see by Nicholas Camp-
bell who has a $5.00 target on the stock.

Wavefront Energy: If you were in the market over the last few
years, it doesn’t matter what sector you were in, you got
beaten up.

If you were in the junior cap stories, you got beaten
up more than most because the juniors offer the leverage. But
hey—18 months ago, who would have ever thought companies
such as Oilexco or GM would both have gone bankrupt?
To get some of that money back, you need to find doubles
or once in a while take a risk. Wavefront is definitely a risk and
we all know that the higher reward you are hoping for means
the bigger risk you are taking and that is Wavefront.

They’ve been working on new technology for the oil and
gas patch over the last 12 years or so and have spent the last 2
years setting up a public company and try and get a new tech-
nology that they’ve developed for the oil and gas patch ac-
cepted as standard.

So far, they’ve only got about 80 tools out in the patch and
they need 120-150 to break even. They also need that one big
contract by that one big company that would make their tech-
nology industry standard.
In the meantime, the world is full of old oil fields where 30%
or 40% of the resource has been captured. A new technology
that could grab another 10, 15 or 20% could/would revolution-
ize the oil and gas business and should create a huge, new
market.

But the oil and gas patch is slow to adopt new tech-
nologies because usually new technologies involves big
money and if it doesn’t work, it looks bad on somebody’s re-
sume. This is not an expensive new technology, but it still is
new.
In the meantime, the market has been lousy, there is a big
hedge fund selling the stock and more than a few people that
have been following this story for a while have been disap-
pointed at how long it has taken for the technology to be ac-
cepted.

For the best background look at this company, go to Keith
Schaefer’s website at www.oilandgas-investments.com to fol-
low this story. As Schaefer writes, this is potentially a five or
ten-bagger from the $0.70 level where he bought it and of
course, if you are taking the risk on a story like this, that’s the
kind of reward you are hoping for.

In the meantime, looking at contracts that the company
hopes to land, some of those hopes could be quite timely in
the next four to six weeks.

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