Stock Trades: Bought More SkyWest Energy

Yesterday, I bought 5,000 shares of SkyWest Energy (TSXV:SKW) at $0.61 in my HELOC account.

Stock Trade Commentary

SKW has been weak and I am not able to figure out a reason, this could be the result of a major holder exiting or just the market losing interest. In my opinion, SKW is trading below NAV and it stands to DOUBLE its NAV EASILY by the end of 2011. I just cannot not buy at these prices even though I currently hold about 17,500 shares in other accounts. I still have one stink bid under 0.60. Thinking maybe a private placement is on the way but SKW does not need to raise money for day to day operations, the only reason they would finance at this point would be to pay for an acquisition but then why not issue the shares at a higher price? On the other hand, they already have a decent land package to develop; they should focus on developing their 130+ net drill targets.

It appears I am not the only one buying SKW at this level, what’s your take?