These are the times when investors patience are tested. I've been buying QEC since late 2004 and on. I've seen many ups and many downs.

Before I go on, you have to look at your own investment timeline and situation. No two on this board will be the same. If you're nearing retirement, well you shouldn't really be holding a huge portion of mid cap or small cap stocks. I have a low cost base, but even if I didn't I'm waiting to play this one out. The true value of QEC is without Quebec is $1-$1.15. Look at Talisman at $12. These are companies undervalued, which brings me to my point of value investing. I like buying cheap stocks, and waiting it out. Value will always get realized eventually. This company has huge assets and not to mention about $115 million in cash, which is ridiculously high for a small cap. We are beyond undervalued, and don't think management doesn't know it.

They bought back a lot of shares already, but right now cash is king. You want them to buy back $50 million shares and then try and find a way to come up with that money from a bank later on in this environment. And doing a PP will only be done at much higher prices, which we have to wait for. They are doing the right thing. It's not as if they released bad news...markets are just dropping and the whole market risk of Europe is effecting us. We are a high beta stock, which means we drop more when the market drops.

QEC has a huge management team with a lot of experience. You don't think they sit around and discuss what to do. They're not sitting around trying to get temporary jack ups in price...it's about building value slowly. (not like Quebec stalling was their fault)...so right now they're looking at other projects.

I posted before, they said they are looking into other plays and hopefully will have one in the next 3-4 months.

Anyway, you have to look at your situation. If you don't want to hold on, you have to sell and that way you'll lose out on worrying. The stock is the lowest I've seen it since I bought it in 2004, I mean it didn't get this low in the market crises of 2008. I like to buy these things low and wait and it's worked out well in the past. We got tons of potential, earning some revenue with solid oil projects and on top of a mountain of cash.

When I read things like utica shale assets being sold for $15,000/acre and all the hype about how important shale is, there is no way I'd sell. It does get a bit tiresome watching things fall for no reason, but they always make there way back up. We're no talking about a company running on fumes and little cash left. Everything has to be factored in.

You're the only one that can make that call though. As we talk, I see a bunch of new buyers like Jones/Gable and Canaccord and Scotia buying...firms I haven't seen in a while. That's called value investing.

Nobody on this board has remotely enough money to move a stock in a big way. It's only big institutions so no matter what I say, it's no going to affect the price. At the end of the day, it's all up to your situation! I know for a fact you liquidate QEC today (not counting Quebec) you're getting over $1 in value...but the real reason I stay is for Quebec which will imo turn out to be huge, it just requires time...some have it, some don't. I'm a buy and hold kind of guy, always have been. Some aren't and that's ok to!