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Author: whitethroat Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63849  
Subject: PWE slump Date: 11/14/2012 2:53 AM
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Any thoughts on recent developments at PWE?

At first I was surprised that certain people were fired whom the CEO often praised during conference calls, but then it seemed clear that the board was responsible, and that there had not been any scandal. One of the reasons for my original purchase was the Murray Edwards connection, so I figure the board is probably made up of high quality people. I bought a few more shares. With any luck things will improve.

PWE has not done as well as I had hoped it would since the Oct tax massacre.

(The Murray Edwards strategy may be a stupid one, but it worked like a dream with Imperial Metals.)
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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63062 of 63849
Subject: Re: PWE slump Date: 11/14/2012 6:52 AM
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white

Probably not the only problem but PWE is currently somewhat a victim of the current hype about the US badly named 'Fiscal Cliff'. It is heavily owned in the US and the talk of a dramatic increase in taxes on Dividends and capital gains taxes has people unloading it until there is some clarity.

I own a lot of it bought in 2009 in DRIP mode in wife's TFSA. I keep ending up with a whole lot more shares every quarter but probably really should keep a closer eye on it.

Another problem for all of our western crud producers is the discount on WCS (Western Canada Select) due to the glut in Cushing? We really need to find an non-US outlet for our oil or continue to suffer the lower prices.


Tim

<<<Read and Weep>>>
http://www.albertaoilmagazine.com/2012/09/price-discounts-fo...

Why price discounts for Canadian crude are here to stay

Reason #1: A massive amount of oil is flooding a stagnant market

By Alberta Oil Staff

September 01, 2012

The difference in prices companies get for the continent’s traditional benchmark crude blend, West Texas intermediate (WTI), and that of Europe’s Brent blend has consistently been in the US$20 range (in Brent’s favor) for much of 2011 and 2012. But the differential is twice as painful for producers pumping oil out of Western Canada.


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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63063 of 63849
Subject: Re: PWE slump Date: 11/14/2012 7:43 AM
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It is heavily owned in the US and the talk of a dramatic increase in taxes on Dividends and capital gains taxes has people unloading it until there is some clarity.


There you go.

Tim

http://finance.yahoo.com/news/wealthy-dump-assets-advance-cl...

Wealthy Dump Assets in Advance of Cliff
By Robert Frank | CNBC – Mon, Nov 12, 2012 4:00 PM EST


For many of the wealthy, 2012 is becoming a good year to sell.
Fearing an increase in capital gains and dividend taxes, many of the rich are unloading stocks, businesses and homes before the end of the year.
Wealth advisers say that with capital-gains taxes potentially going to 25 percent from 15 percent, and other possible increases in the dividend tax, estate tax and other taxes, many clients are selling now to save millions in taxes.


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Author: whitethroat Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63064 of 63849
Subject: Re: PWE slump Date: 11/14/2012 3:37 PM
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Hi Tim,

You may be right. At the last call the boss made a point of mentioning that the shareholder base is wide spread and international, including Asia and Europe. I think there is some hope that the price differential will decline, new pipelines etc.

I have a feeling that PWE has had trouble executing over the years. There is always talk of the great land base and conservative nature of the company, but their cost per barrel is high and they have a lot of debt and some people say they pay more dividend than is prudent.

Is Penn West widely owned and followed in Canada, a household name?

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Author: tengen Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63065 of 63849
Subject: Re: PWE slump Date: 11/15/2012 4:05 PM
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If it's a good time for the wealthy to sell due to anticipated changes to taxes, perhaps it is a good time for the not quite so wealthy--a group in which I sadly include myself--to buy?

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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63066 of 63849
Subject: Re: PWE slump Date: 11/15/2012 4:20 PM
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If it's a good time for the wealthy to sell due to anticipated changes to taxes, perhaps it is a good time for the not quite so wealthy--a group in which I sadly include myself--to buy?


I have too much PWE and will wait and see what new management looks like... I did however pick up some Canyon Services (FRC.to) today. They had a not great quarter but with no debt a low P/E and over 6% divvy I liked today's price dip. I ended the day up 14 cents a share hopefully a good direction indicator.

Confession: I had a lowball bid in @ $9.50 and couldn't get into my Questrade account to cancel it this morning!!!! }};-()

I sure hope this doesn't become a habit. They recently forcibly moved us to a new platform and I'm singularly unimpressed. All sorts of neat looking stuff that doesn't tell me much including some of the info I had in the old one.


Tim

http://www.google.ca/finance?q=TSE%3AFRC&ei=mFulUNiDEc2m...

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Author: IKan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63067 of 63849
Subject: Re: PWE slump Date: 11/15/2012 10:31 PM
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couldn't get into my Questrade account to cancel it this morning!!!! }};-()

I sure hope this doesn't become a habit. They recently forcibly moved us to a new platform and I'm singularly unimpressed. All sorts of neat looking stuff that doesn't tell me much including some of the info I had in the old one.




I got rid of my Questrade acct.. They seem to be moving towards platforms more suited for day traders. And their site was not good to access via Internet Explorer as they told me months back. And are they not looking to charge a few $ even in a TFSA if a trade(s) is not done every month?? No matter I tired of their crap and dumped it.

IKan

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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63068 of 63849
Subject: Re: PWE slump Date: 11/16/2012 7:27 AM
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And are they not looking to charge a few $ even in a TFSA if a trade(s) is not done every month??

IKan

Where did you hear that?

I agree that the new platform is a bit more than I like and I really saw no reason to move... but they didn't ask.

Overall I've been pleased with Questrade and they do provide some stuff I couldn't get from IB as well as reasonable priced trades.

Tim

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Author: IKan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63069 of 63849
Subject: Re: PWE slump Date: 11/16/2012 8:07 PM
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And are they not looking to charge a few $ even in a TFSA if a trade(s) is not done every month??

IKan

Where did you hear that?



Almost a year ago at least that was what I understood from what I read. But I was seeing 'red' at the time with them so I may have read without fully comprehending as I had had enough with them and had decided to remove my account.

IKan

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Author: tim443 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63070 of 63849
Subject: Re: PWE slump Date: 11/19/2012 7:19 AM
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Another problem for all of our western crud producers is the discount on WCS (Western Canada Select) due to the glut in Cushing? We really need to find an non-US outlet for our oil or continue to suffer the lower prices.

Says it far better than I could. Until we find a way to get Alberta oil to international markets in a big way we will be held hostage to a US market currently awash in oil.

Tim

http://www.bloomberg.com/news/2012-11-16/heavy-canadian-crud...

Heavy Canadian Crude Tumbles to 8-Month Low on Cramped Pipelines

By Edward Welsch - Nov 16, 2012 5:03 PM AT

Heavy Canadian crude oil fell to the lowest level in eight months as producers faced space limitations on pipelines transporting oil to U.S. markets.

Western Canada Select, a heavy oil blend from Alberta, tumbled to $34 below the U.S. benchmark, its widest discount since March 14.


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Author: cgrinder Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63071 of 63849
Subject: Re: PWE slump Date: 11/19/2012 5:35 PM
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i recently bought some more and looking to add to the recent purchases too!

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