Casey Research will be hosting a webinar on May 21 entitled The Myth of American Energy Independence to
discuss the nuclear power industry and offer insights into what’s
shaping up to be the kind of speculative opportunity contrarians live
for.
As a precursor to the event, Uranium Investing News (UIN) spoke
with Marin Katusa, chief energy investment strategist at Casey Research,
who believes that uranium is the most contrarian investment in the
resource sector today.
UIN: Marin, I want to start off with something easy — why is uranium considered a contrarian investment?
Marin Katusa: Well, first of all, most recently
because of the Fukushima disaster of 2011, it’s seen as a no-go. Right
now, globally, the theme that you hear is that nuclear is dying or is
dead. But yet, that couldn’t be further from the truth. On top of that,
companies cannot produce the material for what it’s selling for right
now. Uranium exploration has almost come down to a snail’s pace because
there’s no capital that is being attracted to it.
That being said, the stars are lining up quite nicely for uranium. By
that we I mean we have proved that nuclear is not dying, nor is it
dead. If anything, it’s growing at a rapid pace globally. For example,
one in five houses in the US is powered by nuclear energy.
China plans on having twice as many nuclear reactors as the US has, and
the US has 104— most in the world right now. And China is committed to
that program. Furthermore, the spot price of uranium, eventually, with
this HEU agreement, which is expiring at the end of this year, there’s
going to be a race to acquire a stable, long-term supply of uranium. So,
those are the two main reasons why uranium is, of all the commodities
globally, the most contrarian investment.
UIN: Uranium prices haven’t taken off so far this year as analysts had hoped — what has led to this slowdown?
MK: Well, a few things have happened. Because of the
Fukushima disaster, remember: look how many nuclear power plants went
offline in Japan.
After Fukushima, there was a huge amount of uranium that hit the
market. And it was absorbed quickly. What people fail to understand is
that the Russians were one of the biggest buyers of the uranium from the
Japanese — which very few people have ever commented on. And, more
importantly, the Russians are one of the largest producers of it. You
know, they provide almost half of America’s uranium.
Then there was Germany saying that, “well, we’re not going to
produce; we’re going to slow down our nukes.” So, there’s been a slow
transition.
On top of that, in the US, ConverDyn, which takes the U3O8 and
converts it to UF6, was also shut down. So, all of the things were built
up to create a stockpile of U308. That in reverse is now changing.
ConverDyn can come back online; the Japanese are basically saying,
“we’re putting these reactors back online.” And Germany really has no
choice. After this election you’ll see that — they’re basically
importing French nuclear energy.
So all these factors are coming in. The Chinese are building these
reactors. They’re not talking about them now, they’re building them.
Even countries like Saudi Arabia, which is the number two in oil in the world; they’re building 16 nuclear reactors.
So those are the reasons why U308 hasn’t taken off yet. And you know,
we’ve talked about this in our newsletter for a while, saying “look:
it’s not going to take off until the end of 2013, early 2014, before we
start seeing it slowly move up.”
UIN: The Megatons to Megawatts program has helped moderate
prices over the last 20 years or so — will the end of this program be a
positive catalyst for the market?
MK: Definitely. That agreement has already ended;
that’s expired. Final shipments are coming at the end of this year.
There’s something called the Transitional Agreement, which is where the
Russians said, “hey, don’t worry, we’ll bring you guys uranium, but it’s
not going to be from downgraded from nuclear warheads anymore, it’s
going to be from reprocessed tailings.”
Uranium is now going to be a higher cost, because now, unlike when
the original HEU agreement was done — in 1992 when Russia was in chaos—
the game has changed and the Russians are building nuclear power plants
around the world, and with that comes a long-term supply contract at the
feed.
UIN: What are the costs associated with nuclear versus other types of energy?
MK: What people have to understand is if you look at Japan, they were paying over $17 per mcf in gas.
Why? They had to produce more gas for their electricity grid because
the nuclear plants were down and they couldn’t even provide enough for
the gas.
Uranium on the other hand, the big cost is building these nuclear
power plants. And if you’re to take a triple in the spot price of
uranium, it would make an insignificant cost to the overall electricity
production. So the nuclear power plants, whether they’re paying $40 or
$100, it makes no difference to them. It changes the actual electricity
costs marginally. Whereas natural gas, the biggest cost is actually the
commodity. It’s not the actual physical natural gas plant or coal plant.
So the elasticity of the electricity cost is way different, much
higher for the coal and gas plants because their biggest cost is the
actual commodity, the natural gas or coal. Whereas for the nuclear power
plants, once you build that plant, your spot price, your commodity
makes less than a 3 percent difference to your cost of electricity.
That’s an important thing for people to understand.
And literally, we’re going to wake up one day, and you know, when the
Russians do an agreement with the Chinese; the Chinese are investing
the equivalent of over $400 billion into the nuclear sector. The price
for uranium is irrelevant to that amount. Getting a long-term, stable
supply of that material is what’s important. And I think you’ll see the
Russians do an agreement, probably by the second quarter of 2014. And if
you look at the marginal costs of reprocessing tailings and tails,
you’re probably looking at north of a $60 spot price for a contract.
UIN: Uranium is currently sitting at around $40 per pound,
which isn’t making it an attractive space to be producing. What price
does the market need to see in order to bring more uranium mines into
production?
MK: First off, we we should clarify that we’re
talking talking about conventional uranium production. It depends a lot
on the existing infrastructure; so let’s take Africa, for example. You
need $75 to $80 uranium to bring any new uranium conventional production
in Africa.
If you want to take Europe, that’s just a non-starter. Australia,
you’re looking, depending on where you want to go, you’re looking at
about $65 to $70 per pound, you would need to bring it on production.
In the US, if you’re looking at any new production, you’re going to
probably need $65 to $70 uranium. If it’s ISR in the US, you’re going to
need $45, $50. And the one place where you would, the cheapest price
would be the Athabasca Basin.
Only because rates there are literally order of magnitude differences
of two times anywhere in the world. And you still need about $50 for
any new production to come online.
UIN: Though the spot prices have dropped, long-term prices
have remained relatively consistent. How can investors use long-term
prices to understand the uranium market?
MK: For example, look at it this way. In 1960,
America was the largest producer of uranium in the world. It produced
over 36 million pounds of uranium. In 2012, America produced less than
3.5 million pounds of uranium, yet they are the world’s largest consumer
of uranium. And on top of that, they import over 95 percent of the
uranium they have, that they consume.
That, as you’ll see in our seminar, we talk with the Energy Secretary
of America about how this is one of the riskiest situations in America.
And it’s not like this is a small niche market. If the Russians wanted
to, they could pull the plug on 20 percent of the homes in America.
That would be equivalent to the biggest blackout ever in the history
of a developed country. Now, if the spot price of uranium went from $40
to $60, it would make less than a 5 percent difference to the
electricity cost, the total electricity cost. Do you think the Americans
are going to care?
Do you think that the nuclear power plants, the utilities, will care? What they care about is keeping the lights on!
Whereas if the natural gas price went from $4 to let’s say, $6,
you’re looking at over a 30 percent increase in your electricity bill.
The same is not true for nuclear.
UIN: You’ve mentioned natural gas and coal a few times. What is the relationship between uranium and natural gas or coal?
MK: Well, they’re not tied together. That’s what I’m
trying to get at. When you look at coal, coal and natural gas are tied
together because they’re competing against each other.
You see, a coal plant, when you’ve got these, they’re called
bi-generational plants, where you can have a coal plant and a natural
gas plant in the same facility.
It would take about an eight- to 12-hour shift to convert from coal
to natural gas. So, part of the reason why coal prices have been so
slaughtered in North America is because the natural gas success of the
shale, they’re competing for each other. Right?
Whereas, you cannot convert a nuclear reactor. Nuclear reactors
provide 20 percent of base load power. Even if natural gas went to $2,
it still can’t compete with nuclear energy. Like, nuclear energy is the
cheapest form of electricity in the world. Once the power plant is
built, it’s the cheapest form of power. So coal and natural gas are
competing, so they’ll be capping each other. You know, once natural gas
gets to about $4 a MCF, it’s cheaper to use coal, so the now those
electric generators are going to switch from natural gas to coal. Once
it goes below that, they switch back to natural gas.
UIN: The domestic market in the US for nuclear power is
expanding at a very slow rate. What are the underlying issues causing
this?
MK: That’s my whole point. We’re saying that it’s going to be zero growth in North America.
But you still have to feed 104 reactors just in the US, and America
imports 95 percent of what they consume. And the contract that they’ve
been importing is expiring; it’s done.
You can’t get enough elsewhere. And now that amount that’s been
contracted out to the Americans from the Russians, the Russians can now
go to Saudi Arabia, they can go to China, they can go to South Korea,
they’re going to go to India — nevermind the other ‘stan countries, the
other CIS countries. And now there’s a lot more competitors for the
fixed supply.
UIN: So what is the US going to do to? Obviously you’re saying they can’t just turn off all the lights.
MK: Exactly. They have no choice but to do what? Pay more. Because they can’t produce more themselves.
UIN: AREVA (EPA:AREVA)
secured a $70-million multi-year contract to supply uranium to an
undisclosed US utility. Is this type of transaction indicative of the
state of the nuclear industry in the US?
MK: Yes, definitely. That’s telling you right now
that the utilities can’t get the feed, so they’re buying future
contracts. Let’s look at AREVA’s costs. Where is AREVA getting it from?
AREVA’s costs are north of $50, $60 right now, in existing production.
And on top of that they’re having issues with some of their production.
So despite all of these things are; the utilities are now going up to the companies directly to get offtakes.
UIN: So I guess we’re looking at a race for uranium supply?
MK: This is a race for energy security. First of
all, your GDP is directly correlated to your electricity generated. If
your cost of electricity is too high, you cannot grow your GDP. And
every country is well aware that to be a successful country, you need a
diversified energy matrix. You need coal, you need natural gas, you need
uranium, nuclear. And then, to keep all the environmentalists happy,
you need a small portion of green energy. Because you’re looking at
three cents for nuclear power. The same amount of electricity generation
would cost about 12 to 15 cents for green energy — you’re looking at
four or five times the cost.
So at the end of the day, when China is now putting up hundreds of
billions of dollars to build this nuclear matrix, the fuel, it’s
irrelevant to them. So it’s a major race, and the Americans already have
their nuclear power plants built. So whether they pay $60 is irrelevant
to them. They just need a supply.
So people ask me, “well, what does this mean?” Well, in 2018, if you
were to buy uranium today to secure it for 2018, it’s over $60 right
now.
Why would a utility pay over $60 if they didn’t think that it’s going to be harder to get uranium in the future?
The forward curve is over 50 percent higher than where the spot is today.
Another reason why we’re bullish: I wrote a report about showing how the 2018 future curve was $68 per pound, US.
Uranium is not something like gold
that you can take to the bank and put it in a vault, and you know, use
it when you want to. It’s such a strategic component of America’s energy
security. It’s going to become a strategic metal; it is a strategic
metal. And it’s going to become strategic for China, for Russia, India
and Saudi Arabia, and the rest of the world.
UIN: Japan is going to be restarting its reactors at the end of the year; how is that going to impact demand?
MK: They’ve already made the decision; it’s moving
forward. And on our, this is on our webinar, which I highly recommend
people see. The person who’s advising Japan is on our seminar, and
that’s Lady Barbara Judge. And she’s telling you exactly what’s going to
happen, because she’s the one who’s telling them what to do. And it’s
going to happen, Japan has no choice but to do this.
A country cannot afford the highest energy costs in the world and
still expect their economy to be competitive. That’s what it comes down
to.
UIN: Can you tell our readers a little bit more about the webinar that you have coming up?
MK: Yeah. Never before have we put together a group of such an established crowd from the government side.
We’ve put together actually a pretty impressive list or panelists.
We’ve got the former secretary of energy for the US, Spencer Abraham.
Lady Barbara Judge, who is absolutely one of the most impressive people
you’ll meet. She is the head of the UK Authority for Nuclear Power. She
runs the UAE’s Nuclear Authority and is one of the three counselors of
the Japanese Fukushima Disaster Advisory Council. So, very impressive.
Then we’ve got Canada’s former energy minister on, who ran all of
Canada’s nuclear programs, Rick Rule. And then Amir Adnani, who’s on our
Next 10 List, who built the most recent uranium mine in North America.
There will be some shocking statements made from the people who ran
the countries’ energy programs. So, you know, it’s easy to get comments
from market players. But to have the guys who were the absolute policy
makers. You know, it’s pretty big stuff. It’s going to be a good one.
UIN: Well, I look forward to checking it out. Thank you for joining us today Marin.MK: Thank you.
The Casey Research webinar will take place on May 21 at 2:00 p.m. Eastern.
Securities Disclosure: I, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.
Fission Uranium: High Grade Uranium in Athabasca Basin
If there is one company that is on the tip of speculative uranium investors’ tongues, it’s Fission Uranium (TSXV:FCU).
The uranium junior has been the one to watch with impressive high-grade
drill results and strong returns from its radon survey making
headlines. The company, a spin-out of Fission Energy that was acquired
by Denison Mines in January, is operating the Patterson Lake South (PLS)
JV with Alpha Minerals (TSXV:AMW).
Uranium Investing News had a chance to talk to CEO Dev Randhawa about the company and the uranium market.
Uranium Investing News: Fission Uranium is a new
name in the resource space. Can you tell our audience a little bit more
about the company and your projects?
Dev Randhawa: Fission Uranium is a spin-out from
Fission Energy. We’ve got a very motivated management team. And we
certainly have an outstanding project to work with. This Patterson Lake
joint venture we have, we have 50 percent of it. [Dundee Securities'
analyst] Dave Talbot said it was the most successful winter program he
had ever seen.
In about two months — we started in the end of January and
we finished early April — we were able to find three zones and put out
some of the best holes that the Athabasca Basin’s ever seen, which means
the best holes that anybody’s ever seen in the history of uranium
because the Athabasca is the king of grade.
Grades in the Athabasca are 10 to 20 to 50 times higher
than the world average. The world average is 0.08 percent, so we’re off
to a fantastic start. We have a fantastic asset and [President] Ross McElroy is leading a great technical team.
We are well financed; we have $17 million in the bank. As
you know right now, the biggest difficulty people are having is raising
money to advance their projects. If you can’t advance projects, you
can’t put up news which is the lifeblood of the junior explorers,
therefore stocks drift down. So it’s a vicious cycle right now a lot of
companies are facing.
Thankfully we’re not. We’re well funded, well managed and have just a fantastic project.
UIN: Fission is working in the Athabasca Basin at Patterson
Lake which is returning high grade uranium results. How does Patterson
Lake compare to the rest of the Athabasca Basin?
DR: At the moment, it’s kind of hard to compare
Patterson Lake to other deposits but in terms of exploration potential,
there’s nothing like it. As a matter of fact, I think there have only
been four discoveries in the basin, for many, many years.
One reason being because there’s not much money being spent
with such depressed prices, so it’s very difficult. For example, [the
size of the] Phoenix project from Denison Mines (TSX:DML) is like four subway cars that gets you 16 million pounds, that’s worth about $700 million.
You don’t need a lot but it’s very hard to find, very hard
to shoot and try to hit these little blobs of the other yellow metal, as
I call uranium.
David Talbot has said [Patterson Lake] is the best winter exploration
program he has seen because it’s very rare that you find three zones in
the sector.
I think it’s as good as anything out there. We still have a
lot of work to do, but at the same time we’ll have blue sky and that’s
what investors want. They want to know that you have lots of blue sky on
your property and are you well-financed.
UIN: PLS is described as having high-grade and shallow depth.
What does this mean as far as costs and recovery will be concerned?
DR: In terms of economics, it’s a lot easier to do
if something is open pittable. At PLS the mineralization is shallow,
it’s also flat as a pancake which makes the strip ratio quite low. The
economics are much better than let’s say, something that’s 600 meters
down.
It’s going to be far more economical to get this stuff out
of the ground than let’s say something like Shea Creek, which is 600
meters below surface. PLS mineralization starts at only 60 to 90 meters.
Being shallow helps your economics. It also helps you determine in
return how many pounds you have. The cut-off grade that Roughrider had
was something like 0.05 percent. The cut-off grade here 0.02 percent,
maybe 0.01 percent even. You have a lot more dirt will become economic
when it’s so close to surface and this also affects your drilling. It’s
cheaper, you’re not drilling down so deep.
It’s cheaper to drill, easier to mine and above all, what’s really
important here is that the radon gas survey is working. It’s really
pinpointing for us, we’re quickly able to find more zones. Whereas, if
we didn’t have this radon gas survey, most likely we’d have to step-out
every 15 meters. Which if you think about it, it would have taken us
many holes to get up to 800 meters.
Instead we’re able to jump right out there. The shallowness
has an impact both economically but also on our drilling as we speak.
UIN: You mentioned earlier that Athabasca is the king of
grade. Can you explain a little about what grade means in the uranium
world?
DR: At the end of the day, if you’re digging up a scoop of dirt and my scoop’s only got one ounce of gold,
which is $1,600 per ounce, and you’ve got a scoop of dirt that has say,
five ounces, for the same amount of work you just picked up five times
your effectual profitability.
So the grade, it has huge impacts in economics. When times
are tough, companies will always mine the higher grade possible. That’s
one of the reasons why I believe Rio Tinto (NYSE:RIO)
came to Canada was not only to find a politically safe environment but
also to get the highest grade deposit possible when they bought the
Roughrider zone.
The grade in Canada averages almost 2 percent, whereas the
grade in other countries, the average is about 0.08, that’s about 20
times the grade. It’s an ideal place to look for uranium because you’ve
got the highest grade and the best political environment.
People are learning that the political environment is very
important. Otherwise, you just can’t get work done. They’re learning
that in Texas; they’re learning it in Mongolia; they’re learning it in
Namibia; they’re learning everywhere, that there is no such thing as a
free ride.
Now we have a benefit obviously at Athabasca, to have 40
years of safe mining. They’ve got lots of regulations and we know how to
protect people. As you saw recently, what’s happening in Quebec and
what’s happened in BC, they’re just shutting it down.
So the grade is very important, but as important is the political
stability and we have that. That is so helpful when you’re determining
your business plan.
UIN: In terms of grade and price, can you help our
audience better understand the relationship between grade and price and
how they work with the current market?
DR: Absolutely. It’s about economics. Basically, a scoop of dirt is a scoop of dirt. The question is what can you get from it?
The price of uranium determines if a piece of rock is economic
enough. If the grade is high, it’s called ore; if not, it’s just dirt.
For example, there was a project in Africa that UraMin sold to Areva (EPA:AREVA).
Now, Areva can’t put it into production because the prices have
dropped and the grade is so low. They paid over $2 billion. A lot of
pounds there but with the insane low grade it’s not going to go into
production.
Denison can put the Phoenix mine into production; it’s so high grade.
The same thing for Rio’s Roughrider, that can go into production. The
PEA that they did at Roughrider was $17 to 19 and long-term prices are
$60, so they can make money there.
Basically, the price of uranium determines which projects can be profitable and which cannot.
Generally people feel unless you’re in the $70 per pound
range long-term, no one can make money. And the spot price really has to
rise. That’s the correlation —from my perspective— between what the
price of uranium is and what the grade is. You’ve got to have grade;
grade is king.
UIN: Fission Uranium has a JV partnership with Alpha Minerals
on the Patterson Lake South and recently optioned 50 percent of
Patterson Lake North to Azincourt Resources (TSXV:AAZ). Can you help our readers understand what a joint venture means and how companies can benefit from these agreements?
DR: Depending on your joint venture, it can be
beneficial or not. Patterson Lake South was an agreement between two
groups who were both staking the same area. Rather than fighting for it,
we combined forces and each will take turns operating it.
The Patterson Lake North JV had zero value on the books. A joint
venture is a way of monetizing the property. You suddenly say, “Okay. If
somebody’s spending $12 million to earn 50 percent-plus payments of
4-1/2, you could make a book valuation of $28.5 million— if everything
goes through— that’s over a 40-year time.”
It is a way of putting value on something which there is no value.
Rick Rule often says, “You use other people’s money, you take your
brains to find the project, you get the land, develop it and the heavy
lifting comes from somebody else. They take all the risk.”
Exploration is very, very risky; [joint ventures] are a way
of mitigating your risk and not having to raise so much money [which
doesn’t dilute your stock].
I believe in partnerships. I think if we can, one plus one can equal
three. At the end of the day, it’s you’re trying to find ways to
mitigate your risk, because we are in a very risk-orientated business.
Fission is not a prospect generator, entirely, but that’s a model
that works, especially in bear markets, and right now we’re in extreme
bear market. I think anytime you can conserve cash, it’s a good thing.
UIN: Fission Uranium is the operator of the Patterson Lake South joint venture, can you explain what that means?
DR: When you are the operator, you make the final
decisions. You add the information, put budgets together and the other
person agrees to them and so you operate. There’s been a bit of
confusion out there for example, how we discovered the boulders.
Alpha’s main contribution
has been financial and we’re thankful for that. They have good people on
the financial side. The technical decisions have been made by Ross
McElroy and Ray Ashley, the VP of Exploration for Fission.
They’re also the same team that found the Waterbury and the “J” zone.
It was actually their second discovery and it’s very important to note
that because it there have only been four discoveries made in the
Athabasca.
I know there’s been a lot of confusion out there, who made
what discovery and some people actually thought that Alpha was the
operator, which is completely false.
We’ve been the operator since last year and we’ll continue
to be the operator until April of next year. We have a full summer
program, a fall program in November and a full drilling program next
year as well.
We’re very excited about it and it’s a great big system and hopefully we can continue to put up great results.
UIN: Can you tell us a little more about Patterson Lake North and how it is or isn’t similar to Patterson Lake South?
DR: Yes, the structure is quite different in terms of what we have in Patterson Lake South. Patterson Lake North,
we’re actually in the basin. When you saying someone’s in the Basin,
you’re saying Athabasca sandstone which has a contact point with the
basement.
Patterson Lake South is overburdened but it touches right
at the basement, all this is the basement. That’s how they’re different
that way. The Patterson Lake North connects more North up to the
conductor from Cluff lake and Shea Creek, so it’s a different structure.
We spent about $4 million-plus on it to get it to the point
that it was drill ready. The original goal was to court an Asian
partner this summer and this fall and it takes time to bring an Asian
partner in. But when someone’s willing to pay you the same kind of money
to add value to you, you take it.
UIN: We spoke with Marin Katusa recently
who was very bullish on uranium. What do you think we are going to be
seeing in the uranium market in the near future?
DR: Marin is a pretty bright guy and I agree with him. I think we see short term supply restrictions pushing up the uranium price.
Right now, we’re only producing 130 million pounds a year
and we need 170. There’s a deficit of 40 million and we need to fill
that. Right now it’s being filled by a contract between the Russians and
the Americans with the Megatons to Megawatts program. That is running
out this year.
The second thing is they’re expecting in Japan to allow some of the
reactors to come back online. Those two events put pressure demand. The
uranium market is quite tight actually, believe it or not. These spot
price is only 5 to 6-percent of the market, so we could see spot price
jump up.
I’ve been very bullish on uranium for some time. I’ve been at it
since 1996. For many years I went around to shows talking about uranium
and it was tough being a contrarian.
Now suddenly people are into uranium and I’m happy with
$40, I was working with $7. I’m quite bullish, especially in the long
term. We have 430-plus reactors up there, 67 being built as we speak.
There’s a 15 percent increase there.
Over the next 8 to 10 years and the next 15, we’ll see
another 300-plus reactors. Over the next while, we’re actually going to
need double the amount of uranium.
Rick Rule often says “two things can happen, if the average
cost of taking the uranium out of the ground is $70 a pound, and its
spot price is $40, only two things can happen, the lights go out or
uranium prices go up.
I think the future is very bullish, but we don’t control
the uranium price. I often remind our shareholders what we control is
our drilling and how much money we raise, those things. Now, if we ever
get some wind behind our sails, you’re very right, I can see much higher
valuation of what we’re doing at Patterson Lake.
UIN: Well that sounds great. Thank you for taking the time for speaking with us today.
DR: Thank you.
Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned.
Interviews conducted by the Investing News Network are edited
for clarity. The Investing News Network does not guarantee the accuracy
or thoroughness of the information reported. The opinions expressed in
these interviews do not reflect the opinions of INN and do
not constitute investment advice. All readers are encouraged to perform
their own due diligence.
Related Reading:
Marin Katusa: Time to Invest in UraniumRob Chang: Uranium Market Catalysts on the Horizon
Emerging Uranium District in Saskatchewan’s Patterson Lake Region
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On the North Island of New Zealand — about 268 miles from Auckland — sits the small town of Hastings.
For decades there's been nothing remarkable about this small port town... until now.
Massive oil deposits surrounding Hastings have been found that are 10x larger than the infamous Bakken oil field.
And the major permit holders to these deposits are two companies that I'm about to detail for you today.
Energypedia recently said: "...
both have had independent third party evaluators assign shale oil
resource potential of 12.6 and 20.9 Billion Barrels Original Oil in
Place respectively."
In fact, there's so much oil where they hold permits, it's literally
bubbling to the surface. (I'll show you exactly why that's so important
in just a minute.) And it's virgin ground.
"The
basin has been intermittently explored since the 19th century,
tantalizing prospectors with over 300 oil and gas seeps onshore.
However, the basin has never been commercially produced." — Stanford University Basin and Petroleum System Modeling Group
The best news is... this discovery is just starting to heat up!Drillers are quietly rushing in and snatching up every available piece of land they can.
"New
Zealand is at the beginning of a country-changing event... activity and
momentum are increasing but going under the radar screen." — William Buechler, Lead Portfolio Manager, Kiwi Pacific Fund
And if you missed getting in on the Bakken... this opportunity is
your last "best chance" at getting rich on the shale revolution.But if you wait, you'll miss this one, too.
So pay close attention to what I'm about to tell you and be prepared to act.
The companies I'm about to show you are starting to drill right now... and there's no telling how soon news of their success will leak out.
But know this: When word gets out, their share prices will soar.
'North Island' Bakken
It's no secret how game-changing the Bakken discovery has been for North America — and for the world...
Today it's the largest producing oil reserve in the United States. And its impact has been hard to miss.
When production ramped up there just a few short years ago, millionaires were minted by the hour.
But what you probably haven't heard is there's a shale formation on the North Island of New Zealand called the East Coast Basin.
It's eerily similar to the Bakken in just about every way — except for one...
An independent report says the East Coast Basin shale fields could be 10 times LARGER than the Bakken.
The massive potential of this field will make untold fortunes for those with the foresight to get in early.
Like folks who got in early on the Bakken's Northern Oil & Gas and banked over 1,300%...
Or those lucky enough to be holding shares of the Bakken stock
Brigham Exploration when they were snatched up by Statoil. People who
got in at the bottom could have banked in excess of 3,100% gains!
And unlike some countries, the Kiwi Nation is embracing the new oil
rush. So much so that on March 7, 2013, the government put out an
economic impact report on the basin.
Why? Because they are already counting on exactly how much money this oil discovery will create for the tiny island nation...
And it's hard to argue with their logic.
When analysts start comparing the East Coast Basin to the North Sea
oil boom, the fuse is lit. When permit holders start leaking quotes
calling it the "Texas of the South," you should take notice. And when
you start seeing quotes like the ones below, your chance to get in early
is nearly gone...
"Oil
is the largest source of energy in New Zealand. At present, the
petroleum sector contributes around $3 billion annum as export revenues.
The government is planning to increase this to $30 billion per annum by
2025 by exploring for oil in unexplored basins." — OilPrice.net
"A
shift in technology and in the global markets for energy means that New
Zealand appears to have the potential for global scale oil and gas
discoveries with associated export earnings." — GasToday.com
"The oil and gas industry has the potential to be New Zealand's economic game-changer." — Fairfax NZ News
The thing is... oil discoveries like this just don't come around
every day. So when they do, people in the know take notice. And
ultimately, they take action.
Because unlike most oil fields found in the modern era, there's a fundamental difference that makes the success of this field virtually guaranteed.
Leaking Precious Riches
The East Coast Basin just may be the last of its kind. You see, the
oil and gas there is so plentiful, it's literally seeping to the
surface!
If you've never seen a picture of an oil seep take a look...
What are oil and gas seeps?
According to the United States Geological Society:
"Oil
and gas seeps are natural springs where liquid and gaseous
hydrocarbons leak out of the ground. Whereas fresh water springs are
fed by underground pools of water, oil and gas seeps are fed by
natural underground accumulations of oil and natural gas."
The key part of that definition is that the seeps are fed by large pools of underground resources.
Oil seeps are dark, messy, and mean one thing... massive opportunity.
And the East Coast Basin is loaded with oil seeps.
"Over 300 oil and gas seeps known." — New Zealand Ministry of Economic Development
Oil seeps just like this one have been happening for thousands of years. In fact, the word mummy comes from the Arab word mumiyyah, which means bitumen.
Bitumen is a form of oil that seeped to the surface in ancient Egypt and was used to help preserve bodies after death.
The Bible even mentions sealing Noah's ark with tar which came from an oil seep.
And that's only a part of what's coming out of the ground in the Kiwi Nation...
Gas seeps are just as common in the East Coast Basin and mean just one thing to drillers: added billions in profit.
You see, the gas they're leaking is natural gas — the same natural
gas that led to a fuel revolution here in the United States. And
here's just a small sampling of proof on just how real the gas seeps are
in New Zealand...
It's set the resource world on its ear!
Gas seeps have a storied place in the history of man... Fires caused
by gas seeps in Greece around 1000 B.C. were responsible for the legend
of the Oracle of Delphi. And the Chinese used bamboo to direct natural
gas from seeps to burn as part of the process of making seawater
drinkable by removing the salt.
More importantly though is the link between seeps and some of the biggest resource discoveries of all time...
Seeps: Like Shooting Fish in a Barrel
Easy oil. Easy gas. Every fortune-seeking driller in history has dreamed of about it.
And for those lucky or smart enough to come across it, easy oil has been the key to limitless wealth.
Thousands of years ago, there was no seismic imaging... no satellite
photos... no test drilling. When oil and gas was found it came from
seeps. That's just simple observation.
And it didn't take long for man to put oil to good use: oil
lubricated wagon wheels and fueled lamps, it was even used in
medicine... but that was just the start...
As the uses for oil grew, so did the thirst for more. The growth in
demand brought a growing sophistication in drilling practices.
But one thing has held true even as the technology to find and unlock
oil has grown by leaps and bounds: A vast majority of the world's
largest oil discoveries were made by the simplest method ever — seeps.
Because let's face it... when oil is so abundant that it leaks to the surface, there's likely immense amounts.
And history proves this is true...
In 1543 Spanish explorer Juan Cabrillo watched as natives
waterproofed their kayaks near the Le Brea tar pits in what would become
Los Angeles. Le Brea is Spanish for tar... and these world-famous pits were created by seeps.
More importantly, by 1892 a miner named Edward Doheny and his partner
drilled the first successful well by these seeps in what would years
later become Dodger Stadium. By 1897 they had 500 wells... and by 1910 California was putting out 77 million barrels of oil.
Today, just to the north lays the Monterey Basin. Coal Point in the Santa Barbara channel is home to the world's largest oil seep with over 1,200 documented seeps. The Energy Information Agency (EIA) estimates the Monterey fields have about 16 billion barrels of oil just waiting to be taken. That's 4x the reserves of the Bakken!
And that's just one example.
As early as 1626, French explorers documented natives igniting seeps around the Lake Erie area...
In 1821 William Hart dug the first natural gas well not too far from
Lake Erie in Fredonia, New York. The reason: He saw bubbles seeping from
a creek. His work eventually led to the creation of Fredonia Gas Light
Company, the first U.S. natural gas company.
And down the road in Titusville, Pennsylvania, seeps were collected
by damming Oil Creek and skimming the oil from the top. In 1859 Colonel
Edwin Drake dug the first oil well there. Pennsylvania quickly became the world's third-largest oil producer — and would remain so for forty years.
Fredonia and Titusville rest on the massive Marcellus Shale Formation
that spans from New York to Virginia. The EIA estimates the Marcellus
holds 410 TRILLION cubic feet of natural gas. That's about 55% of the
total shale gas reserves in the U.S.
And then there's this...
In 1864 a group of emigrants searching for water found a stagnant
pool of water with oil floating on the surface in Montana... mere miles
from where Bakken Formation lies.
The history of massive oil discoveries tied to oil seeps is stunning.
More rock-solid proof comes from Spindletop, Texas: In 1901 Captain
Anthony Lucas struck oil there. Indians living in the area had known of
the oil seeps for centuries, but the area had remained largely undrilled
until that time.
Oil flowed from the first well at Spindletop at over 100,000 barrels a day. That's more than all the rest of the wells in the United States combined.
Spindletop ushered in the modern age of oil... and it started with oil seeps.
And despite advancements in how oil is found in the modern oil era,
oil seeps have been the key to some of the largest discoveries since
Spindletop, too.
Discoveries like:
- The second largest oil field in the world — discovered in 1912 in Kuwait by the British, the Burgan Field is second only to the Ghawar field in Saudi Arabia. It holds a whopping 72 billion barrels of oil.
- Kirkuk Fields in Iraq — also known as Baba Gurgur, which translates to "Father of Flames," this field is the 14th largest in the world: Kirkuk holds nearly 8.5 billion barrels of oil.
- North Sea Basin — while on the decline, the North Sea may still have up to 29 billion barrels of oil left. The ocean floor there teems with coral reefs created by oil seeps.
- In 1976 a fisherman in the Bay of Campeche complained oil was ruining his fishing nets... PEMEX, the national oil company of Mexico, investigated. The result? The Cantarell oil field — named after the fisherman. It's the largest oil field in Mexico, holding 35 billion barrels of oil. It's also the fifth largest oil field in the world.
All of these fields were found because of oil seeps.
I could go on, but I think you get the point. Oil seeps are a key
sign to some of the largest oil discoveries known to man. And big oil
companies know it. The oil giant BP published work in the 90s that
showed over 75% of all oil-producing basins have surface seeps.
Until a short time ago, most folks thought the last of that easy oil was gone forever...
But that's all changed with the discovery in the East Coast Basin.
Technology Unlocks Easy Oil Profits
The most compelling thing about the East Coast Basin discovery is, of course, the seeps — over 300 in total.
Because what it shows is the source rock below the seeps is literally overflowing with oil.
In case you've never seen source rock, here's what it looks like.
Looks just like any other rock — with one big difference...
It's so loaded with oil that it's turned black!
When oil is so plentiful that the source rock becomes saturated,
the rest comes to the surface in — you guessed it — seeps.
And up until about 13 years ago, only traditional oil wells were used
to get the oil to the surface, no matter where you were in the world.
The problem with that was sometimes, geologists knew there was far
more oil trapped in the rocks. Oil that they couldn't get their hands
on.
But that all changed in 2000 when Texas entrepreneur George Mitchell
used a mixture of chemicals, water, and sand to crack open the rock. The
process is known as hydraulic fracturing, or fracking for short.
To say the use of fracking has been a game-changer wouldn't do it
justice. Fracking is literally redrawing the energy maps of the world.
And the balance of power in the energy world is changing right along
with it...
Here's what Harvard's Kennedy School says about it:
"The
shale/tight oil boom in the United States is not a temporary bubble,
but the most important revolution in the oil sector in decades."
And here's what is being said about fracking in New Zealand:
"A
shift in technology and in the global market for energy means that New
Zealand appears to have the potential for global scale oil and gas
discoveries with associated export earnings." — Crown Minerals Group Manager Chris Kilby
The thing is... the shale in the East Coast Basin is almost a mirror
image of what it is in the Bakken. Except that in some places, the shale
in the East Coast Basin is up to 12x thicker than the Bakken.That simply means more source rock to hold the oil and gas.
And that's where things start to get really interesting...
Since 2006 — when fracking started in the Bakken — North Dakota's oil production has nearly quintupled to over 700,000 barrels a day, making it the second-largest oil-producing state.
Experts say it will hit 1.2 million in 2013.
And remember, that's just oil!
Fracking works the same for natural gas...
Thanks to fracking, natural gas production in the United States soared to 7.8 TRILLION cubic feet in 2011. That's almost 7.5 trillion more than in 2000.
Fracking has even brought back the dream of energy independence to the United States... and New Zealand has taken notice:
"Fracking is one of those technologies, and can help New Zealand meet the energy demands of current and future generations." — Venture Taranaki, Economic Development Agency
The Kiwi Nation's Billionaire Dreams
The geographical similarities between the Bakken and East Coast Basin are striking.
And the government can already see the dollar signs.
The Taranaki Basin on the North Island is already under development.
So it's clear the officials there are embracing fracking as a tool to
their economic growth.
"I
would love to see other regions experience the same economic boost, and
fracking is one of the technologies than can allow that to happen." — Energy and Resources Minister Phil Heatley
And the impact isn't lost on anyone else, either...
"New
Zealanders need to realise that the oil and gas sector and its future
development has the potential to be the financial game-changer that
could allow us to do such things as provide extra funding for
hospitals." — Taranaki Daily News
"Oil
is the largest source of energy in New Zealand. At present, the
petroleum sector contributes about $3 billion per annum as export
revenue. The government is planning to increase this to $30 billion per
annum by exploring for oil in unexplored basins." — OilPrice.net
"Fracking could create 7000 jobs." — Stuff.co.nz
It's literally the perfect storm for a game-changing oil discovery: A
stable, pro-drilling government. A massive supply of oil. Technology
that can unlock it. And they have...
The World's Largest Customer
They are the second largest consumer of oil in the world next to the United States.
By 2030 it's estimated China will burn a whopping 17.5 million
barrels per day. That's also the day when they will overtake the U.S. as
the world's largest user of oil.
But unlike Uncle Sam, China is light years behind in unlocking any
oil they're sitting on have in their country. So China's strategy is
buying companies that own oil fields — or the technology to develop
them.
They have to. Because assuring an oil supply for their enormous economy is a national security issue...
The oil is New Zealand is enough to fuel China's needs for years to come. And China will happily buy every drop of oil the East Coast Basin can pump out.
In fact, the two countries already have a cozy relationship thanks to the New Zealand China Free Trade Agreement.
With oil prices rising just about every day, the companies I'm going
to detail for you today are perfectly poised to exploit this discovery.
I've spent years watching the world's energy fields, just waiting for everything to line up as it did in the Bakken...
And when I saw New Zealand getting close, I spent another six months
researching every way to make money on the East Coast Basin. I've found
the two opportunities I'm convinced can give you life-altering gains.
But you must act fast — because word is getting out.
Here's your way to get in on the New Zealand Bakken before the herd does...
New Zealand Bakken Opportunity #1
The first opportunity you need to act on is an explosive growth stock
that holds extensive amounts of oil and gas-laden land all over New
Zealand.
The last time they released news that they acquired new land
for drilling... their stock shot from $.58 to $3.59 — a stunning 518%
gain in just three months!
They already control over 200,000 acres in the Taranaki Basin that hold nearly 78 million barrels of oil.
But that's just the beginning...
They are snatching up land in the oil-rich East Coast Basin at a
breakneck pace. Right now, they have the drilling rights to over two million acres. You didn't read that wrong: Two million acres of land that are literally leaking oil everywhere.
That's huge! And it's exactly what is going to shoot their share price into the stratosphere.
They are slated to start drilling in an oil seep region of the East Coast Basin any day now...
And when they hit oil, all hell is going to break loose with this company's share price.
Think about it... Their reserves are estimated at a stunning 22 billion barrels of oil by an independent research firm.
The best part is the oil they pump from the wells in New Zealand is high-quality oil.
The higher the oil quality, the less refining that needs to be done... and less refining means they can charge premium prices for their oil.
"This extremely high quality oil is sold into the Asia-Pacific Tapis market at a premium to West Texas Intermediate. — New Zealand Ministry of Economic Development
Since West Texas Intermediate trades at about $92 a barrel, the East
Coast Basin oil will easily command $100 a barrel... maybe more.
And with over 22 billion barrels of oil just waiting to be taken... this stock is about to explode.
Let be clear about this: We are talking about the potential for several thousand percent gains.
Right now their stock is trading for less than a buck. This is a tiny
company. But when they start pumping oil out of the East Coast Basin,
their shares could easily balloon to $27 a share, according to some
analysts.
That would be a mind-boggling 4,555% gain.
And even if analysts are wrong and shares only go to half of that... you could still reap a gain in excess of 2,277%.
Talk about life-changing!
This tiny company has everything they need:
- Immense amounts of land that's literally leaking oil
- Over 22 billion barrels of oil just waiting to be taken
- An experienced management team that has already proven it can get it all out of the ground
And they're starting to drill in the East Coast Basin right now.
An opportunity this big only comes along once in your investing
lifetime... and it's sitting there... just waiting to be taken — NOW!
That's why I've put together a special report called, "Profiting Big from the New Zealand Bakken."
Inside you'll find everything you need to know about how to maximize your gains with the opportunity I just described.
Before I tell you how to get your copy of my report, I want to tell you about another...
New Zealand Bakken Opportunity #2
Not to be outdone is my second New Zealand Bakken opportunity...
This company — trading at just over $4 — has been involved in the New Zealand energy market for over 11 years.
Just like our first opportunity, this company has been fracking in the Taranaki region of the North Island. Their property there holds over 600 million barrels of oil and 7 trillion cubic feet of natural gas!
They also own and operate 100% of all their facilities... including the pipelines.
This is important because it means they control every form of revenue and cost that comes from their operations.
It's paid off: They saw a 227% increase in production during 2012. And in 2012 revenue increased 228%, right along with production.
Take a look below — the revenue forecasts for the next two years are staggering...
Explosive revenue coupled with complete control over costs means one thing... big profits.
And in this case, the recipe for a giant revenue jumps is simple: Find a massive supply of oil... secure the property... and start drilling.
That's easier said than done. And it's why this company is the
second of only two I'd recommend. Just like our first opportunity, this
company knew the seeps in the East Coast Basin meant one thing: a
massive supply of oil and gas. And they knew the oil they'd pump from
the ground would be the same high quality, premium-priced oil.
Here's what a company official had to say...
"The crude is a high-quality oil that is commanding a premium price on the international market — it's netting $100 a barrel."
So they went on an aggressive land-buying spree... to the tune of 1.7 million acres! That's an area bigger than the state of Delaware.
They did what they needed to and grabbed as much land as they could.
And it was all around the oil seeps in the East Coast Basin.
They believe there is up to 14 billion barrels of oil there.
At the $100 per barrel they can command for their premium product, their revenues are about to soar.
They're currently trading at just over $4 a share — but they won't be for long...
They're about to drill four test wells in the East Coast Basin any day now.
When news of their success gets out, I fully expect their shares will shoot up to $35, maybe higher... good for a whopping 775% winner!
You can get all the details on both of these triple-digit winners in the making in my special report, "Profiting Big from the New Zealand Bakken."
I'll show you how to get your free copy in just a minute.
But first let me show you...
Why I'm Your Guide to Big Gains
Hi. My name is Christian DeHaemer. I'm the founder of the Crisis and Opportunity investment advisory service.
I've spent my entire career searching the world for huge money-making opportunities...
My contact list reads like a who's who in the world of investing. But
more importantly, it has some very "connected" people that I have
listed by code names only.
Why? Quite simply, some of the contacts I've made by traveling the globe want to remain anonymous.
And in order to keep the flow of information coming from them, I've respected their wishes.
Let's face it; not everyone wants to see their name in print or their face splashed all over the TV.
I tell you this only because in the world of big gain hunting, most often it's not just what you know but who you know as well.
In the past fifteen years, my passport has gotten quite a workout.
It's beaten and weatherworn. But it's been the key to accessing the most
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whether it's the foothills of South Dakota or the far reaches of
Mongolia, my contacts have yielded one thing and one thing only...
Massive winners like:- 759% on Petro Matad
- 351% on Entree Gold
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I don't tell you this to brag. I just want you to see that when it comes to showing my readers big gains, I'm all business.
Here's what one happy reader had to say about me...
I have a file full of letters just like these, letters from folks who
decided ordinary profits just weren't enough... people who took their
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And today you can join them!
Your Time to Act is NOW
The New Zealand Bakken is a once-in-a-lifetime investment opportunity.
But you have to act fast. Word is already starting to leak out, and smart investors have begun to jump in.
If you sat on the sidelines while the U.S. Bakken exploded, then this
is your last opportunity to get in on the ground floor of the shale
boom and make a killing.
Because when the mainstream investing world gets wind of the massive
land acquisitions in what are probably the last oil seeps in the
world... your chance for big gains will be gone.
And that's why I want you to accept my offer to test-drive Crisis and Opportunity today... before it's too late!
When you do, I'll send you the free the report, "Profiting Big from the New Zealand Bakken"
— including everything you need to know to bank big gains on the New
Zealand Bakken, including the ticker symbols and detailed company
profiles of the two plays I've told you about today.
But that's just the tip of the iceberg. When you agree to try Crisis and Opportunity today you'll also get...
Three Bonus Special Investment Reports
Look, I want you to be 100% certain that Crisis and Opportunity is the best decision you make today.
So if you agree to test-drive Crisis and Opportunity for 30 days, not only will you get...
- Special Investment Report #1: "Profiting Big from the New Zealand Bakken."
But you'll also get:
- Special Investment Report #2: "Profiting Big from the HR1380 Transportation Transformation" — Its pages reveal the very best ways to bank triple-digit gains on the United States' rush to use massive natural gas reserves to replace the need for diesel fuel... and it's all because of fracking.
- Special Investment Report #3: "Water Profits: How a Tiny $0.75 Company Will Clean-Up Fracking and Make You Rich" — Over the past few months, this company's share price has doubled. When the mainstream press gets wind of it, shares could easily hit $5... maybe more.
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Each report details everything you need to know to get in early and
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Grab Your Spot Now
The chance to get in early and bank big gains don't come around every
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Folks who have followed my advice have made absolute fortunes. In the
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But don't just take my word for it...
Here's what a few very happy readers had to say:
But I'm not going to ask you to pay $2,000 today to get research that
led to gains like 759% on Petro Matad or 235% on Fieldpoint
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And I won't slash the price in half and ask you to pay $1,000 for
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Instead — for today only — you can join Crisis and Opportunity for $499 a year.
I realize that may still sound like a lot of money. But truthfully,
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And remember, this is a once-in-a-lifetime opportunity...
Some people wait their whole investing career for an opportunity like this to come around.
And you also get my Peace of Mind Guarantee: Take a full month to decide if this type of research is for you — that's 30 full days to try out everything Crisis and Opportunity has to offer.
That includes all four Special Investment Reports...
- "Profiting Big from the New Zealand Bakken"
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- "Gas Transport Riches: How to Bank Big Gains in the Global Gas Grab"
If after 30 days you don't feel Crisis and Opportunity is everything I said it would be, say the word...
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I've just scratched the surface of what you're entitled to when you join Crisis and Opportunity.
You'll also get exclusive access to:
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By now you can see just how unique and explosive this opportunity promises to be.
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Now, I've done everything I can to make joining Crisis and Opportunity a no-brainer for you...
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You can either seize this opportunity, or let it slip through your fingers and kick yourself later.
Don't miss out on your chance to secure your financial future...
Grab your share of the New Zealand Bakken now!
Yours in Profits,
Christian DeHaemer
Managing Editor, Crisis and Opportunity
P.S. The offer to join Crisis and Opportunity for $499 is good for today only. It's the lowest price we've ever offered my research for! Both of the New Zealand Bakken companies I just detailed for you are starting to drill right now... so don't wait to position yourself in these plays. And remember, you'll always be covered by my Peace of Mind Guarantee: Take 30 full days to try out everything Crisis and Opportunity has to offer. If you aren't completely happy, just say the word... I'll refund your money and all four Special Investment Reports are yours to keep. Grab your spot now.
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