I bought 1,000 shares of Renegade Petroleum (TSXV:RPL) at $4.41 in my HELOC account.
Stock Trade Commentary
Last Friday, my stink bid on Renegade Petroleum got hit filling my order for 1,000 shares. RPL is another of my light oil weighted picks with little or no debt, increasing production and a great land package. They are currently financing at $4.50 so my entry price is not bad relatively speaking. RPL has ~75,000 net undeveloped acres and recently acquired a small company with several sections of Viking light oil prospects. RPL’s current production is 97% light oil with 120 net drilling locations distributed across SE Saskatchewan and North Dakota (prospective for Bakken + other zones) and 100+ net drilling locations targeting the Viking formation.
Unless Saudi Arabia or any of the top oil producers in the region goes through turmoil, I believe oil prices will stabilize as the Libyan loss of production is covered by others. Investors will push Libya into the background and focus on the strengthening US economy instead. My weighting is still heavily into light oil with no juniors weighted to natural gas. If my market assessment is wrong, there will be a price to pay for it in the form of paper losses as I will wait it out if I have to. On the contrary, if markets fall substantially, I will be deploying more troops as good names will be selling at a discount. In the end life goes on and no matter how long it takes, markets will recover as they’ve always done. It is only a matter of time and nerves!
Have you bought any stocks lately? which ones and why?