Stock Trade Commentary
I increased my position in ONR today as prices fell below $2.10. I believe a new batch of investors from the original ONR got their new shares in PSN and are busy liquidating their “free” shares in ONR. Regardless of what I believe is causing the drop in price; the fact remains ONR is a best-in-class deep basin player with the ability to generate superior returns for investors going into 2012.
The company is currently producing about 5,150 boe/d and with 4 (3.6 net) HZ wells currently drilling or awaiting completion (2 Notikewin, 1 Wilrich and 1 Cardium) is on track to exit the year at 6,200 boe/d.
Have you been buying or selling lately?