Canadian Value Investing

Jeremy Grantham Longest Quarterly Letter Ever

2012-02-24T15:19:00.001-08:00

Iran Has Stepped Up Uranium Enrichment in the Last 4 Months

2012-02-24T10:21:00.001-08:00

http://isis-online.org/uploads/isis-reports/documents/IAEA_Iran_Report_24February2012.pdf

Anderson Energy For Sale

2012-02-24T06:15:00.002-08:00

http://www.andersonenergy.ca/pdfs/2012/AXLPR120221.pdf

The Board of Directors has decided to initiate a process to identify, examine and consider a range of
strategic alternatives available to the Company with a view to enhancing shareholder value. The strategic
alternatives considered may include, but are not limited to, a sale of all or a material portion of the assets of
Anderson, either in one transaction or in a series of transactions, the outright sale of the Company, or a
merger or other strategic transaction involving Anderson and a third party. The Board of Directors believes
that the Company’s shares trade at a significant discount to the value of the underlying assets, especially
given its high quality Cardium oil production base, prospective Cardium horizontal oil drilling inventory and
approximately $495 million in tax pools. The Board of Directors has established a special committee
comprised of independent directors of the Company to oversee this process and has retained BMO Capital
Markets and RBC Capital Markets as its financial advisors to assist the Special Committee and the Board of
Directors with the process. Parties interested in obtaining additional information regarding this process or
the Company can contact BMO Capital Markets or RBC Capital Markets at the numbers listed below. This
process has not been initiated as a result of any particular offer

Timmy Geithner Says "No Quick Fix to Oil Prices"

2012-02-24T06:06:00.004-08:00

I hope you are right Tim. A couple of years of $100 oil should do wonders for my portfolio.

Petrobakken Valuation Still Appears Compelling

2012-02-24T06:01:00.001-08:00

The recent transactions help put a ballpark value on this company:

http://seekingalpha.com/article/387231-petrobakken-still-considerably-undervalued

Bloomberg Interviews Leon Cooperman

2012-02-23T04:35:00.000-08:00

Hedge Fund Legend Leon Cooperman Would Run From Treasuries and Into Stocks

It is nice when you get to hear an actual investor speak on one of the financial networks rather than the usual fast talking, attention deficit disorder, talking head.

Why do those Fast Money guys talk so fast anyway? And how can you believe people whose answer is never "I don't know"?

Governer Christie - Buffett Should Just Write a Cheque and Shut Up

2012-02-22T13:17:00.000-08:00

http://www.bloomberg.com/news/2012-02-22/buffett-should-just-write-a-check-and-shut-up-governor-christie-says.html

How dare you sir? Nobody talks to our friend Warren like that.........

EOG - The Power of Increasing Recovery Factors and Unconventional Resource Plays

2012-02-22T04:57:00.000-08:00

This is why I'm so heavily invested in these unconventional players

http://seekingalpha.com/article/382581-eog-adds-700-million-barrels-of-oil-and-mr-market-doesn-t-care

Exxon Tempers European Shale Gas Expectations

2012-02-21T04:52:00.001-08:00

http://www.reuters.com/article/2012/02/20/exxon-shale-europe-idUSL5E8DK6TJ20120220?feedType=RSS&feedName=rbssEnergyNews&rpc=43

ETF Focusing on Hydraulic Fracturing and Oil Sands

2012-02-19T04:56:00.001-08:00

http://seekingalpha.com/article/376401-frak-analysis-why-investors-should-focus-on-hydraulic-fracturing-and-oil-sands

Japan Slowly Waking Up To Doomsday Debt Scenario

2012-02-17T14:11:00.000-08:00

http://ca.news.yahoo.com/insight-japan-slowly-wakes-doomsday-debt-risk-102346813.html

Mitsubishi Will Give Encana $2.9 Billion For Shale Gas Assets

2012-02-17T06:14:00.001-08:00

Those Asian folks sure seem to think investing in oil and gas is important:

http://encana.com/news-stories/news-releases/details.html?release=649541

Watsa Sticking to His Guns

2012-02-17T06:10:00.000-08:00

He sure made a lot of money on the housing bubble popping, but you really didn't see Buffett ever making all these fancy trades.

http://www.theglobeandmail.com/globe-investor/watsa-sticks-to-his-guns-as-pessimism-proves-costly/article2341221/

Gurus Gone Wild February 16, 2012

2012-02-16T14:38:00.000-08:00

Tilson - Lotsa Talkin to the Fast Money Dudes Suffering From the Attention Deficit Disorder

Whitney Tilson on CNBC – Missing a 66 Bagger on Apple Still Haunts His Dreams

Wilbur Ross Talkin Politics and Greece

Vulture Investing Guru Wilbur Ross – On Greece, Romney and Automakers

Pickens on Oil and Gas

Energy Guru Boone Pickens – Natural Gas Is a Game Changer for the United States

Herb Greenberg Raises Red Flag on Chesapeake Energy

2012-02-16T14:29:00.000-08:00

Come on Herb, at least a little substance to your critique......I don't disagree with it but you didn't say a bloody thing worth listening to.

Petrobakken Sells 5.5% of Current Production for $427 Million

2012-02-16T14:18:00.000-08:00

Something else big is cookin........these guys are sitting with enough liquidity now to bag something big.

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2012) - PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN), announces that we have entered into an agreement to sell certain non-core southeast Saskatchewan assets (the "Non-Core Assets") to Crescent Point Energy Corp. for gross cash proceeds of $427 million, subject to closing adjustments (the "Transaction"). The Non-Core Assets are considered to be outside the key focus of our Bakken Business Unit as they are largely non-operated and generally have lower average working interest than our remaining lands. Proceeds from the Transaction will initially be used to further pay down our credit facility, leaving at least $1.1 billion in available borrowing capacity. As a result of this sale, we will be revising our capital plan and may increase spending in the second half of 2012, primarily in the Cardium area. We will provide revised guidance with respect to our 2012 expected capital spending and exit production levels in the near future.

Non-Core Asset Details:

--  Approximately 2,900 boepd of Bakken light oil production (January 2012
    field estimate) 
--  10.5 million boe (7% gas) of gross proved plus probable reserves (as
    evaluated by Sproule Associates Limited according to NI 51-101 effective
    January 1, 2012)  
--  20,360 net acres of land, which includes 14,030 net developed acres

Key Metrics of the Transaction:

--  $147,250 per flowing boe (January 2012 field estimate) 
--  $40.50 per boe of gross proved plus probable reserves (excluding future
    development capital of $67 million) 
--  7 times annualized current cash flow 
--  5.5% of December 2011 Company production

The Bakken Business Unit will continue to represent a significant portion of our corporate asset base as this sale represents only 7% of the Business Unit's land holdings and approximately 12% of its production. Assuming successful completion of this Transaction, our average working interest in our remaining Bakken Business Unit lands will increase from 82% to 86% and we will continue to have over 700 net drilling locations in the Business Unit, representing approximately 10 years of drilling inventory.