I bought 1,000 shares of Emerge Oil & Gas (TSE:EME) at $2.95 in my HELOC account.
I also bought 1,500 shares of Hyperion Exploration (TSXV:HYX) at $1.41 in my HELOC account.
Stock Trade Commentary
Anybody thinks the dumping in EME was an overreaction? Obviously, I do. I’ve bought EME more than a year ago when it first came out at $2.90 and here I am buying it again roughly at the same price which is actually very close to its NAV. Emerge will be increasing its netback as the company has a good number of hedges in place to protect it from heavy oil price fluctuations in 2011 along with increasing light Viking oil from its recent farm-in agreement adding 28 net sections of Viking land. There’s a basis for a long term hold but if a nice % of profit appears it will be the basis for selling.
My stink bid on HYX finally got filled. I don’t know why some anonymous dude dumped his shares on the announcement of closing a light oil acquisition in Garrington (Cardium). He did take his time to sell since the acquisition was known since the beginning of the month. In any case, I took a small position at a price well below the recent financing at $1.50 that paid for this. Company is executing its acquisition plans nicely just like the CEO mentioned a couple of months ago when I spoke to him. HYX has a nice land package and should unlock value as they drill their targets.
As you may have noticed, I am only sniping what appear to be good deals in my point of view. No chasing required in this kind of market.
Are you an investor in EME or HYX? What do you think?