Sorry for slow reply CJTJ. I had started typing something but must have left it before hitting post. So, why is PYM @ .008c? because risk appetite has left the sector almost completely. the best example I can give is that when one of my brokers called me and offered me stock in WEL in the IPO I asked him a few questions. 1) is the book covered? 2) if the book is covered , then by how many times? 3) What is the make up of the capital that has come into the book? His answer was yes the book is covered and we could have raised $40mm (million) for them. When I pushed on the third question he was honest and said there are a lot of traders in there. So that was it. I didn't put money in on IPO. I love O&G stocks, I love the risk, I love the reward when you get one that works but I, like so many other investors are well and truly fatigued. Money follows momentum, there is none right now in the O&G junior sector. Doesn't mean that there are not hard working people and execs trying and slaving away everyday to create amazing opportunities, just means the money has run from energy. But here is the thing. You have to respect and back the people that show up day after day to bring those opportunities. Now, there are some micro cap energy plays I wouldn't own even if they were free. I was pitched an opportunity in Kazakhstan a few weeks back. great looking opportunity, potential was huge and not a great deal of complication. The issue was the people sitting opposite me pitching it. I walked, they have no credibility. Here with PYM the market may be skeptical but I have looked at every well they have drilled in the last 5 years. They are promoters sure, but you have to be, you have to stand out or you don't get backing. But the wells they drilled and the plays they have pursued have been rock solid. Turner Bayou was so close from my reading and comprehension. How devastating to drill three wells, all with flow rates in the 1000+ BOPD and all being destroyed by bad engineering advice. I mean right there, that was a company maker and it was so close. the tenacity to pick yourself and keep going, I love it. So, I back these guys. Just a feeling.
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