Topic: Growth Stocks

Stock Pickers Digest Hotline – Friday, June 10, 2011

Article Excerpt

DELPHI ENERGY, $2.56, symbol DEE on Toronto, explores for oil and gas in Alberta and B.C. Natural gas makes up 74% of its daily output; the remaining 26% is oil. In the three months ended March 31, 2011, Delphi’s production rose 8.0%, to an average of 8,259 barrels of oil equivalent (including natural gas) per day from 7,647 barrels a year earlier. Delphi’s cash flow rose 2.0% in the quarter, to $15.1 million from $14.8 million. Higher production and oil prices were the main reason for the gain. The company’s operating costs also fell. Delphi sold 3.2 million shares to raise $9.0 million in the quarter. Due to more shares outstanding, cash flow per share fell 13.3%, to $0.13 a share from $0.15. The company successfully drilled 13 new wells in the quarter: six for oil and seven for natural gas. Nine of these wells are already producing, and the other four should be producing by the summer. The company…