Posted on 25/11/03
Penn West prefers to play at home
Penn West Petroleum Ltd., an old-fashioned oil and gas producer that has stuck to Western Canada, is enthusiastic about its prospects for reviving aging fields.The trouble is, after the stock's seven-month rally, it's getting hard to persuade investors that its strategy of staying at home and squeezing out the last drop from existing energy plays makes sense when so many rivals are going overseas to hunt for "elephants" -- industry jargon for huge conventional reserves.
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