Connacher has a come-upance

Connacher Oil and Gas recently reported it's second quarter results.It had a loss which was greater than the same quarter a year ago.It lost in the first quarter also.But Connacher recently sold it's Montana refinery.It got some cash and reduced it's debt.It's balance sheet looks a little cleaner now apparently.It also reported it's preliminary operational update.Connacher has restructured but it has only reduced it's quarterly production a little.It produced 11,500barrels of oil a day,in comparison to 12,500 in the first quarter.It also expects 2 to 4 new wells coming onstream in both the third and fourth quarter.Production should be close to13,500 barrels of oil per day by the fourth quarter -a 17 to 18% increase.At $.28 a share this is a bargain.Southern Pacificproducesabout 4400 barrels of heavy oil and trades at$.35 per share.Renegade Petroleum produces7500 to 7700 barrels per day and trades at $1.20 a share.Bankers Petroleum produces 17,800 barrels per day and trades at $3.09 per share.A 30% increase in production but 11 times the price per share although Bankers produces light oil and Connacher has heavy oil.Connacher also has an estimated 500 billion barrels of oil in proved and probable reserves.Quite a buy for less than $.30 per share.Expect Connacher to hit $.60 by September15 unless the price of oil goes back to $100 a barrel.