Good post Metacomet.

I agree with your exit strategy.This is the right approach if you are long term investor(long is the relative term). Holding on to undervalue stocks which have the good growth rate have a good chance of success.

There is one thing which I like to point out because it is commonly repeated by others.

It is the proved reserves.

Some E@P are resting on the 3P Best Estimates (BQI, UTS) and others like CLL are spending shareholders money to prove their reserve to 1P and 2P (proved +probable) level.

This is not about "promotion" or because one Management is smarted then others. It`s all related to economics and the type of oil extraction technology apply in specific case.

Mining extraction does not require the 1P or 2P proven reserves. SAGD requires 1P + very specific reservuar location. As we found today (see Husky news) 10 meters miss or 1% margin miss in drilling can disqualify your project.