Q3 2010 Updates: Spartan Exploration, Midway Energy, Bellatrix Exploration

Following quarterly reports released by companies I am invested in, I will be updating their respective pages with the latest data and upcoming catalysts since I use these posts in my investment decisions. The information found under these stock picks was retrieved from the latest quarterly reports. If you identify any errors in the data please do not hesitate to contact me.

Click on the links to view the latest highlights.

Spartan Exploration (TSE:SPE) It’s no secret that SPE is one of my favorite investments and constitutes my largest holding in terms of cash allocation. The company has been executing superbly since the beginning of the year and over delivering on their guidance. To date, SPE has drilled or participated in the drilling of 14 (9.82 net) horizontal Cardium oil wells, with a 100% success rate. Early production results continue to meet or exceed company expectations.

With another ~$50million capital expenditure program expected for 2011, average daily production will be increasing at least 25% if not more knowing that they under promise. I find SPE undervalued compared to its peers and expect its share price to reach and surpass $4 in the near future.

Midway Energy (TSE:MEL) Even though I sold my holdings a while back, I still keep an eye on Midway Energy with the intent of buying back in at the first opportunity. Midway continues its execution by drilling one well after another targeting Cardium oil. Their contiguous land position in the Cardium makes them a prime takeover target. They are also expanding their drilling into the Swan Hills Beaver Lake formation tight oil play where Arcan Resources and Second Wave Petroleum are operating.

Bellatrix Exploration (TSE:BXE) This is a strong oil and liquids-rich gas growth story. I have never owned BXE either because it was too expensive when I had buying power or because when the price was right I didn’t have the money. It’s too bad since I’ve been keeping an eye on BXE for several months. They’ve recently released impressive Cardium results with IP7 for 7 wells averaging an impressive 616 boe/d. Good luck to those who own it since its acquisition is a matter of “when” not “if”.

This is not an offer to buy or sell any of the aforementioned companies. Do your own due diligence before taking any investment decisions.

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