Bankers Petroleum

I bought shares of BNK on April 29 and have enjoyed a superb 28% return in less than two weeks. Such a spectacular price increase would normally encourage me to sell at least some of my holdings but the darn thing is that BNK still passes my most successful buy-and-hold for two months search. Also, over the past year there has been net buying by insiders in the amount of $616,088. I have researched some of Bankers' peers and could not find another similar company with net insider buying over the past year. Some of the insider purchases of Bankers shares were made only one month ago.

From the Bankers' website:

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on maximizing the value of its heavy oil assets in Albania and shale gas assets the United States. The Company is targeting growth in production and reserves through application of new and proven technologies by a strong experienced technical team. Bankers operates in two distinct international areas, Albania (located northwest of Greece in South Eastern Europe) and the United States through its subsidiaries, Bankers Petroleum Albania Ltd. and Bankers Petroleum (US) Inc. The majority of the Company's revenue is currently generated from its operations in Albania.

From a presentation Bankers prepared last month, their forecast Albanian productions for 2008, 2009 and 2010 are 7,000bopd, 14,000bopd and 20,000bopd respectively.

The recent comments by experts as reported at Stockchase have all been favourable. Some of the talking heads suspect that the price may fall back after rising so rapidly. If that happens, they suggest buying the stock.