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Posted: Friday May 13 7:27:36AM 2005
Very impressed by the Q1 results, especially the netbacks ( field netback $39.58, corporate netback $36.82 ). Also projected production is achievable with development drilling only. The exploratory wells will obviously impact very favourably, and they have plenty of 3D seismic which adds to the probability of success. With projected cash flow of $.70 a share and a modest 5 multiple $3.50 is a very reasonable target and in line with most analysts.
Posted: Tuesday Mar 1 10:48:15AM 2005
Anyone know what is up with this stock today?
Was it recommended by a broker ... I had a standing order in to sell half my position at 2.68 ... it blew by that and is now hitting 2.75.
Posted: Thursday Dec 23 11:05:38AM 2004
The following is a comment from Canaccord Capital this morning...
Bulldog has had a busy 2004, with two commitment wells drilled on its new shallow gas play and 17 wells to-date
on its South East Saskatchewan and Rosevear properties. On its shallow gas play, Bulldog has access to 51 sections of land, which could set up another core area given further evaluation of two wells it recently drilled. No production volumes from the area have been assumed in the company’s 2005 guidance. In South East Saskatchewan, Bulldog has had some excellent success with two new pool discoveries at its Manor property thereby setting up a number of lower-risk development locations. It has more recently drilled a vertical stratigraphic well, followed up by an horizontal leg at Carlyle Manor North and is currently moving a service rig to the location. It has also recently spudded a vertical well on the eastern part of the play, which is
expected to completed by December 24. A horizontal leg is planned for first thing in the New Year. The key point is that its 2004 program and the company’s new 3D seismic has somewhat defined the solid reserve potential for the Manor play. Bulldog has identified a total of 20 follow-up horizontal locations to drill, with a risked potential of over 2.0 mmb of recoverable oil and over 1,600 b/d of production. Bulldog is currently proceeding with the finalization of its 2005 budget with updated guidance to
be provided in mid-January with regards to its capital program, production and anticipated cash flow. Canaccord Capital has Bulldog rated a BUY and target price of $2.50.