No secret why BQI went up. Management came out with their estimate (after months upon months of drilling) with the reserve estimate. 10 billion barrels. This was back mid summer when the bottom was put in. 30% owned by institutions, they had no reason to own it before and started lifting it after the news hit the wire. Today the independent results were made available and the public is confused over the headline. Expecting the indy results would account for the less drilled areas, they only confirmed the more infill drilled property. So what happens, they sold after a recent run. It doesn't matter now because funds will be buying as the opportunity arises when irrational selling occurs. I bet the very bottom it can make in the near term would be 4.90 at worst. I own this long at 2.50. On the horizon is the Toronto listing coming before year end. Next spring the testing of recoverability begins and announcement of a joint venture partner if the deposit is economic. That will be the key moment the market determines if BQI is the next Suncor. Imo, it will be. Good luck.
Good points Chausey- I too was confused for a moment and rushed back to check my figures. What is up in the air with this company is the $7 billion barrels presumed on the other areas of their property, this is very vague. But as each new assessment comes out about various parts the numbers begin top add up. BQI is counting on a larger company nearby doing tests to sort of validate some of their acreage for free as they are side by side and like I stated above the SEC rule change will light a fire under all shale plays, we really need that to happen. I am counting on it. ~ stoney
Good point on the sec rule. I had missed your post. I think people were expecting every acre would be accounted for in the independent review yesterday. Buy the dips.