Q: Hi Peter and Team, any thoughts/opinions on the following regarding Pinecrest, PRY, would be greatly appreciated (and would this be true regarding share purchases by insiders?). Thanks!
Wade Becker, President & CEO of Pinecrest Energy presented at Canaccord Genuity's 7th Annual
Global Resources Conference last week in Miami. Pinecrest insiders have been huge, huge buyers of their own stock over the
past several weeks - roughly 5.7 million shares at an average cost of $0.47 per share since September 12, 2013. Becker's
presentation gave us a little glimpse into why. Focused largely on the company’s waterflood program in the Slave Point area.
PRY estimates that it will have ~1,000 boe/d of production on waterflood by year-end (approximately 1/3 of production).
Canaccord Genuity Energy Analyst Anthony Petrucci notes this could have a material impact on corporate declines heading into
2014. Other highlights from Becker's presentation included: i) EVI #2 is the company’s first operated waterflood scheme and
has seen production increase to three times over initial rate; ii) The Loon #1 waterflood program commenced in March 2013
and production results were visible after two months of injection; and, iii) The company has one of the largest positions in the Slave Point light oil resource play, with over 400 net drilling locations.
Wade Becker, President & CEO of Pinecrest Energy presented at Canaccord Genuity's 7th Annual
Global Resources Conference last week in Miami. Pinecrest insiders have been huge, huge buyers of their own stock over the
past several weeks - roughly 5.7 million shares at an average cost of $0.47 per share since September 12, 2013. Becker's
presentation gave us a little glimpse into why. Focused largely on the company’s waterflood program in the Slave Point area.
PRY estimates that it will have ~1,000 boe/d of production on waterflood by year-end (approximately 1/3 of production).
Canaccord Genuity Energy Analyst Anthony Petrucci notes this could have a material impact on corporate declines heading into
2014. Other highlights from Becker's presentation included: i) EVI #2 is the company’s first operated waterflood scheme and
has seen production increase to three times over initial rate; ii) The Loon #1 waterflood program commenced in March 2013
and production results were visible after two months of injection; and, iii) The company has one of the largest positions in the Slave Point light oil resource play, with over 400 net drilling locations.