ORIGINAL BLOG
Previously reported, NOG will be issuing more common stock, almost as much as 20% of their current outstanding shares. NOG made the announcement one minute after the market closed yesterday. Today, we see how the market feels about this.
I can almost guess.
Once we get through this rough patch, and I think it will be very, very rough, the good news is that NOG will be doubling their 2011 CAPEX program from that of 2010. The only risk: "bang for your buck" as acreage becomes more dear.
Update: 10:30 EST, November 17, 2010 -- the market has now been open long enough for folks to digest the NOG news, as well as to note that oil continues to drop in price -- but NOG is holding up very, very well. Investors should not complain. Great opportunity to buy more, and long term holders should look forward to a very interesting year next year.
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