Close to -60% when no fundamental reason supports this price. A great value play.
Petro-Canada increased earnings and production, and advanced growth projects in 2007.
Petro-Canada reported that exploration drilling had tapped potential new offshore fields in both the North Sea and Trinidad and Tobago. The company, Canada's No. 4 integrated oil exploration and refining firm, said its Cassra well, drilled in 430 meters (1,378 feet) of water north of the Caribbean island of Tobago and found a natural gas field that Petro-Canada said could contain between 600 million cubic feet and 1.3 trillion cubic feet of gas. In the North Sea, a new well drilled in 89 meters (292 feet) of water in the Moray Firth area offshore Scotland and found two separate oil-bearing zones that produced 200 barrels of light oil a day during testing.
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