Yesterday, I sold 1,000 shares of Spartan Exploration (TSE:SPE) from my Non-Registered account.
In at $3.00, out at $5.09, profit = +68.5% after commissions.
I also bought 1,000 shares of TriOil Resources (TSXV:TOL) at $4.32 in my Non-Registered account which brings my total number of shares to 2,000 at an average price of $4.31 distributed evenly between the HELOC and the non-registered accounts.
Stock Trade Commentary
This is profit taking par excellence. SPE has been a great investment since I bought it last August. I simply sold 50% of my position (still have 1,000 shares left) as I shifted the money into TriOil Resources. SPE still has plenty of room to run over the long term providing oil prices remain strong. I also believe there will be other opportunities to buy back into SPE during the year (wishful thinking?). For now, I am looking forward to TOLs next operational update which should be released at the end of January. There are 5 well results to be reported on in the Lochend targeting Cardium oil. Needless to say, positive results will propel the share price back above $5. On the other hand, In the event of not so good news, I will let your imagination handle this one!