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AdamJ 04-26-2009 01:58 PM

Iteration Energy Ltd (ITX)
Another one of my swing stocks. This is a risky play.

Share dilution on the horizon and currently re-negotiating credit facilities. Both of these activities have given them some breathing room for maybe a few quarters.

IMO this is a good potential take over target either as a buy out or a merger.

Buy at no more than $1.15 (preferably below $1.10).

For a swing position I'd sell in the $1.50 to $1.60 range.
For a long position this appears to be a slow mover and without active media suggestions of a buy out, I wouldn't expect a double up prior to next summer.

Exchange: TSX
Symbol: ITX.TO

AdamJ 05-26-2009 02:16 PM

Was about to post this in the VIP section but, see I already did. The swing position hit $1.60 on May 12th.

It's dropped again most likely as a result of the dilution and questions surrounding their debt. Even with the dilution the book value works out to around $2 a share. Current production is 18.3k boed and the bought deal financing should secure the long term debt facility.

I'm going to give it a watch with a target buy of $1 if you can get it. IMHO it's good for another swing but, would recommend a skimming strategy if you want. Buy three times your target shares and sell 2/3 when it crosses $1.50

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