by Travis Johnson, Stock Gumshoe | March 16, 2013 11:34 am
Well, this was simply a poor bet (along with the other ideas I borrowed from Chuck de Castro for an “Idea of the Month” piece on junior oil explorers a couple years ago), and I’m letting myself get stopped out of my small Petrolia holding at roughly a 50% loss.
Petrolia has excellent potential in their Quebec oil exploration program, and there is some possibility that the political situation will turn around and let them actually do more drilling and production (there’s a great fear of fracking and water pollution, among other concerns), but I have no idea what that possibility might be and it seems unlikely, given the general pace of reform in Quebec, that it will happen in the foreseeable future. It’s a small position, it has grown steadily smaller over time, and now I’ll be pleased to simply move on and not think about it any more. If they do start producing their potentially huge oil reserves in five years and the stock becomes an oil major, please don’t remind me.
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