Hi Pat: Any idea why Palliser has pulled back so severely? Would this be a good entry point for half a position in my aggressive portfolio, or is there a problem with this company?
Palliser Oil & Gas, $0.25, symbol PXL on Toronto (Shares outstanding: 63.9 million; Market cap: $15.7 million; www.palliserogc.com), is a Calgary-based junior oil and gas firm that produces heavy oil in the greater Lloydminster area of Alberta and Saskatchewan.
In the first quarter of 2014, the company’s average production was about 1,850 barrels of oil equivalent a day (including natural gas). Its current daily output is about 1,800 to 1,900 barrels. Palliser invested just $2 million in its operations during the first quarter, mainly on maintenance and on minimum spending to retain leases.
Earlier this year, the company announced that Allan Carswell, who was president, COO, and a director, had left his positions.
Palliser recently announced that, in light of continued operational and financial challenges, its board of directors is conducting a strategic review of its business plan to find ways to enhance shareholder value. Palliser has retained National Bank Financial to act as its advisor during the review.
The company’s debt is rising…
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