I bought 1,000 shares of Palliser Oil and Gas (TSXV:PXL) at $1.30 in my non-registered account and 1,500 shares at $1.35 in my TFSA account.
Stock Trade Commentary
Palliser is not a new stock to the BTI portfolio; it has taken part in it last year with great success. PXL is in accumulation mode which explains the small amount of shares that I bought so far. The share price might come under pressure due to widening heavy oil differentials following the pipeline rupture in northern Montana. Yes, we’ve heard this story before last year when the stock hit a low of $0.60, will it hit a new low for the year this time?
Why PXL? Simply because the management is executing its growth plans nicely. PXL will be doubling its production from the current 1,200 bpd to an exit production of about 2,500 bpd. They will be exiting the year at about $32k per flowing barrel which is VERY CHEAP. I will feature PXL as a stock pick sometime next week with more discussion on this heavy oil weighted junior.
