Boulder Energy (BXO:TSX) picked a heck of a time to go public. The junior oil and natural gas producer based in Calgary, Alberta began trading on May 21st as the bottom was beginning to fall out in Canada’s energy sector.
The company’s share price peaked on that very day, when it hit a high of $12.03 per share before beginning its quick descent to a 52-week low of $3.03 which it hit for the second time today.
Boulder Energy – 1 Year Chart
Boulder’s primary focus is driving sustainable organic growth at its Company-operated, 100% owned multi-zone Belly River pool at Brazeau in the Alberta Deep Basin. One portfolio manager has not given up on Boulder or the weak markets it currently finds itself in.
GMT Capital buys stock in Boulder Energy
Kevin Andrus, Boulder Energy, Director is also the Portfolio Manager of Energy Investments, GMT Capital Corp..
GMT Capital Corp. is a private investment company based in Atlanta, Georgia and has been gobbling up shares of Boulder Energy.
In a two-day period, from November 23rd to November 24th, GMT Capital purchased hundreds of thousands of shares of Boulder Energy all at a price of US$2.64 per share.
On November 23rd, GMT Capital bought 182,600 shares at US$2.64 per share, according toCanadianinsider.com.
On November 24th, GMT Capital bought a whopping 641,100 shares again at US$2.64 per share, according to Canadianinsider.com.
It is interesting to see an investment firm make a bet at depressed levels and buy over US$2.1 million worth of a specific stock in a matter of days.
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On November 10th the company released its Q3 Financial Results and an operational update. Below is a short excerpt:
- “Increased liquids production to 5,436 bbls/d in the third quarter, a 9% increase from 5,001 bbls/d in the second quarter of 2015.
- Generated funds flow from operations of $15.2 million ($0.33/share) in the third quarter of 2015, driven by funds flow netbacks of $23.77/boe.”
Click here to read all of the highlights from the company’s Q3 financial results, released on November 10th.
Boulder Energy is led by its Chairman, Michael Kabanuk, who has a successful track record in the North American energy sector.
Michael was Chief Operating Officer and Vice President Operations of Cyries Energy Inc., a position he held from its inception in July 2004 to its sale in March 2008. According to Boulder, “At Cyries, he was responsible for the company’s production, exploitation and acquisition activities, and was instrumental in its growth from 1,000 boe per day to 12,000 boe per day.”
source: http://www.boulderenergy.ca/About-BXO/Board-of-Directors/index.php
With crude oil prices languishing in the $41 per barrel range Tuesday afternoon, few have been as gutsy asGMT Capital. Oil and gas companies such as Boulder Energy will have to do everything they can to stay well capitalized to withstand current conditions if they want to capitalize when oil and gas prices eventually reverse and head the other direction.
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