Hello Pat: I would appreciate your advice on two small cap stocks that I’ve held for some time. I’ve already lost thousands of dollars on these and wondered whether I should hold them or cut my losses and run. The two stocks are Oilsands Quest and Rainy Mountain Royalty. Thank you.
Oilsands Quest Inc., $0.39, symbol BQI on Toronto (Shares outstanding: 306.3 million; Market cap: $132.4 million; www.oilsandsquest.com), changed its name from Canwest Petroleum on November 1, 2006. Oilsands Quest is a Colorado-based company that explores for oil and gas in the Alberta and Saskatchewan oil sands.
Oilsands Quest held cash of $21 million, or $0.07 a share, on January 31, 2011. However, its projects will take large investments and many years to develop. Oilsands Quest will need to find a partner, or even put itself up for sale, to raise the necessary funds.
The stock has fallen steadily this year, and could go lower. We don’t recommend Oilsands Quest.
A: Rainy Mountain Royalty, $0.11, symbol RMO on Toronto (Shares outstanding: 26.8 million; Market cap: $4.5 million; www.rmroyalty.com), jumped in early April after the company and partner White Tiger Mining announced positive drill results at their Marshall Lake Project near Nakina, Ontario. However, the shares have dropped back to $0.11 since then.
At this…
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