Sound reasoning Buffalo in regards to FAR. As can be seen with BUR any delay or less than exuberant news can see the SP quickly retrace on low volume and wipe any profits quickly.
Progressive sell down to me is the best strategy. I reduced my BUR holding prior to TD at 1.6,1.8,2.0 cents and would of continued in 0.2 increments had it kept rising. Taking something off the table when everything is so positive may seem silly but the outcome can change quickly and as most who have been caught out it can hurt considerably for a long time as small caps oilers usually don't have an ongoing pipeline of projects to reinvigorate the buyers for sometime.
Not sure how long our own issues will go on or the outcome. I am worried about the costs involved in this ongoing remedial work and if fraccing is required BURs cash balance going forward. Personally I still view this well working out but may take sometime to recover the additional expenses.
I am sure the management as large holders have a mutual interest to us shareholders in rectifying the problems ASAP.
This lease area is proving to be problematic with well completions and may hinder any prospective partner or buyer interest.
Not being negative just objective. Time will tell.
BUR Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
