Today, I bought 500 shares of Arcan Resources at $4.51 in my non-registered account.
I also bought 1500 shares of SkyWest Energy (TSXV:SKW) at $0.63 in my TFSA account.
Stock Trade Commentary
Following today’s transactions, I am now holding 1500 shares of Arcan Resources in 2 different accounts with an average price of $4.51. Like I said earlier today, I believe the prospects of Arcan will be reflected in the share price in the very near future. These latest transactions are part of adding more light oil exposure to my portfolio. Arcan Resources is more than 85% light oil weighted.
SkyWest Energy was bought in my TFSA using the proceeds of Atikwa Resources that I sold last week. This is an exclusively focused Cardium player targeting oil. With 25 net sections of Cardium the company has a lot of drilling to do. SKW’s 500 boe/d production is currently weighted to oil and should hit on their exit guidance of ~900 boe/d for 2010 following the successful drilling of at least 2 more Cardium oil wells.
I have been thinking of adding some glitter to my portfolio through a gold stock. My research has identified a potential target; however, I no longer have any reserves to deploy. I am hoping to release a natural gas weighted stock at no loss before buying this gold stock. I am closely watching how things will play out this afternoon.
The only thing that can ruin the QE2 party now is a black swan event!