China CNPC Buys
Exploration Rights
To Canada Oil Sands
By SHAI OSTER
June 29, 2007 7:23 a.m.
BEIJING -- In a sign of the expanding international ambitions of China's oil companies, China National Petroleum Corp. has bought the rights to explore for oil in Canada.
The state-owned parent of Hong Kong- and New York-listed PetroChina Co., will develop an oil sands field, which is estimated to contain some two million barrels of an extremely thick, and hard-to-process form of oil called bitumen.
CNPC will join China's other two biggest oil companies, Sinopec Group and Cnooc Ltd., in investing in Canada's oil sands.
An official at CPC subsidiary China National Oil and Gas Exploration and Development Corp. confirmed that the company would explore for oil in Canada, but declined to offer any more details. According to a statement the Chinese Ministry of Commerce posted on its website Friday, officials at the Canadian province of Alberta granted the company exploration rights for 11 fields covering a total area of about 260 square kilometers in January. Financial terms were not disclosed.
...
Developing Canada's tar sands can be very costly because of the complicated process needed to pull it out of the ground and then upgrade it into something more easily refined into fuel. But the continued high level of international oil prices -- plus China's growing demand for oil -- is making them more economical to develop.
--Renya Peng in Beijing and Ellen Zhu in Shanghai contributed to this article
Friday, June 29, 2007
China's Largest Oil Producer Goes For Canadian Oil Sands
Sinopec's fellow Chinese explorer, China National Petroleum Corp. (CNPC), has joined it and CNOOC in moves into hard-to-get Canadian oil sands, the Wall Street Journal reoorted today:
Monday, June 25, 2007
I'm Back In
I've just spent $4,500 on 15,000 shres of ERHE - just couldn't resist at this price!
I notice there is at least one strong buyer, too, who looks to have gone for about 170,000 shares. Trading is modest, as usual in June, and the price is off $0.02 at $0.30.
I may have to hold it a while to make money, and through some further drops if an injunction hits, but it's going to be hard to separate this stock from big cash when drilling starts late next year.
It's probably a better time to buy than most we will see - as I've said before, while I expect a climactic drop if an injunction comes down, I believe that drop will be short-lived - possibly only a matter of hours.
It would probably take the stock close to $0.22, from which it would probably rebound to $0.28 before the end of the trading day it becomes effective (i.e., if the injunctrion is announced after 4p.m., the drop would occur in after-hours and early trading the following day, and the opening would be at a very low price from which it would likely recover all but two cents or so before the day is out).
I would certainly buy on that opportunity if I have cash available that day, and I would probably try to go for 50,000 at a minimum and perhaps far more (if my wife lets me!) After all, $0.06 on the rebound with 50,000 shares is $1,500 for a day's work.
I notice there is at least one strong buyer, too, who looks to have gone for about 170,000 shares. Trading is modest, as usual in June, and the price is off $0.02 at $0.30.
I may have to hold it a while to make money, and through some further drops if an injunction hits, but it's going to be hard to separate this stock from big cash when drilling starts late next year.
It's probably a better time to buy than most we will see - as I've said before, while I expect a climactic drop if an injunction comes down, I believe that drop will be short-lived - possibly only a matter of hours.
It would probably take the stock close to $0.22, from which it would probably rebound to $0.28 before the end of the trading day it becomes effective (i.e., if the injunctrion is announced after 4p.m., the drop would occur in after-hours and early trading the following day, and the opening would be at a very low price from which it would likely recover all but two cents or so before the day is out).
I would certainly buy on that opportunity if I have cash available that day, and I would probably try to go for 50,000 at a minimum and perhaps far more (if my wife lets me!) After all, $0.06 on the rebound with 50,000 shares is $1,500 for a day's work.
Tuesday, June 19, 2007
An AR Exclusive on the William Jefferson Case
I have posted an exclusive report on the informant in the Rep. William Jefferson case today on The American Reporter Website.
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