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Hi Locshare, please remember that my holding would be regarded as very small compared with many on this thread. Just a round of drinks compared with Thisisit.
Anyway, for what's it's worth, this is my reasoning and please take into account that everyone investing strategies are very different.
My limited experience comes from start-up oilers, AUT, EKA and SEA. All Eagleford Shale plays in Texas. From them, I learnt that if the asset was good and drills were on the go then SP is generally positive. Once 60 and 90 day flow rates were identified we were able to extrapolate the numbers as to where the SP could go. And boy did AUT go!
Having said that, fundamentals have certainly changed with POO plummeting and oil sentiment at its lowest. But, demand for oil is growing with developing nations so exploration and production still has a while to go IMO.
As my time was becoming short with a lot of travelling and a career change I wanted to put some money somewhere that had a chance of doubling in a short term and I evaluated that BRU fits in.
It has been incredibly disappointing of late, to crumble out of the 40's when positive announcements were coming out was concerning and to just range trade with what the company has going on is bewildering so it certainly ain't no AUT.
So all talk of a $2 stock is just pie in the sky to me as oil stocks just don't seem to have that sort of run any more and BRU is proving it. Hope I'm wrong, many will disagree.
With that in mind, If things go bullish, I will sell on the way up and free carry balance. If worldly influences change so will strategies.
There you go, a full Friday night ramble, ouzo and coke in hand.

Cheers.