On Friday, I bought 5000 shares of TSE:GPX Great Plains Exploration at 0.50.
Stock Trade Commentary
I’ve bought and sold at profit this stock at .30, .53 and .58. I’ve been waiting to get back into GPX for a while and yesterday I executed on it. Remember on Thursday when I sold FVI I did not execute on my plan of buying into my target stock which was GPX. Had I sold FVI earlier I would have probably bought GPX at 0.52 easily. Buying it at 0.50 is much better than 0.52 but not great compared to the closing price of 0.48. Did I pull the trigger too early?
Truth be told I skimmed through the Q1 report before buying in, which was a mistake on my part. Why? Because had I taken more time to properly assess the Q1 report, I would have probably waited a little bit longer and bought at a lower price. GPX might see the low 0.40s during this summer so if you’re considering buying in, wait for it.
I will not be selling my shares anytime soon unless price goes back up over 0.50 and another target stock offers better catalysts. Right now 3 variables will impact the share price, the weakness in oil prices which will undermine all energy related stocks, their first Cardium well production figures which stabilized at a disappointing rate and a delay in adding about 400 boed in production due to a pipeline related problem.
I am not really worried because once we pull out of the weak price environment (hopefully in 2-3 months) GPX would have added more production with the behind pipe oil and drilled a couple of wells. I expect GPX to pay back its fair share of profit by the end of the year or earlier especially that its oil weighting will be above 60%.
I hope you’re enjoying the weekend!