Why top Canadian oil stock is a small driller in Colombia
Since crude prices sank below US$100 a barrel three years ago, investors in oil stocks have been sending one clear message to companies: Stick to your knitting.
Nowhere is this more apparent than in Canada, where the benchmark index’s top-performing, post-crash energy producer — Parex Resources Inc. — is a small company focused on extracting one commodity from one geographic region. Parex, based in Calgary, produces oil in Colombia through both new wells and by reactivating old fields using enhanced-recovery techniques.
Source: Financial Post