Dear Pat: I am a new Inner Circle member, and I would like your views on the following two stocks: Petrobank Energy and Resources and First Quantum Minerals. Thanks.
Petrobank Energy and Resources, $0.42, symbol PBG on Toronto (Shares outstanding: 97.4 million; Market cap: $40.4 million; www.petrobank.com), completed a major reorganization at the end of 2012.
Under this plan, Petrobank set up its heavy oil business as a new company called Lightstream Resources (symbol LTS on Toronto). Petrobank then handed out Lightstream shares to its investors.
Petrobank now holds two properties: Kerrobert in Saskatchewan and Dawson in Alberta. The company aims to use its patented toe-to-heel air injection (THAI) heavy oil recovery process at these locations.
During the process, part of the heavy oil in a reservoir is burned, generating heat which reduces the viscosity of the oil. This allows it to flow by gravity to a horizontal production well. In contrast, the conventional steam-assisted gravity drainage (SAGD) technology uses natural gas and steam. Petrobank believes the THAI method will be about half as expensive to operate as steam-assisted approaches.
The company recently started production at Kerrobert, but so far…
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