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	<title>The Enlightened American &#187; PWE</title>
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	<link>http://enlightened-american.com</link>
	<description>One person's quest to make sense of a senseless American economy and society.</description>
	<lastBuildDate>Wed, 08 Feb 2012 22:59:49 +0000</lastBuildDate>
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		<title>Bye-Bye ExxonMobil, Hello Total</title>
		<link>http://enlightened-american.com/2012/01/24/bye-bye-exxonmobil-hello-total</link>
		<comments>http://enlightened-american.com/2012/01/24/bye-bye-exxonmobil-hello-total#comments</comments>
		<pubDate>Tue, 24 Jan 2012 17:52:43 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[PWE]]></category>
		<category><![CDATA[TOT]]></category>
		<category><![CDATA[XOM]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=927</guid>
		<description><![CDATA[Yesterday I sold out of my ExxonMobil (XOM) position and bought Total SA (TOT). XOM is approaching my estimated fair value so my selling discipline forced me to sell. TOT is definitely one of the uglier houses on the energy block but the market seems to be over discounting the company just on a reserves [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2012/01/24/bye-bye-exxonmobil-hello-total/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>13 Deep Value Stocks: Opportunities Or Traps?</title>
		<link>http://enlightened-american.com/2012/01/19/13-deep-value-stocks-opportunities-or-traps</link>
		<comments>http://enlightened-american.com/2012/01/19/13-deep-value-stocks-opportunities-or-traps#comments</comments>
		<pubDate>Thu, 19 Jan 2012 17:15:12 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[General Investment]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[CEG]]></category>
		<category><![CDATA[DDS]]></category>
		<category><![CDATA[FCF]]></category>
		<category><![CDATA[HES]]></category>
		<category><![CDATA[HFC]]></category>
		<category><![CDATA[LLL]]></category>
		<category><![CDATA[LNC]]></category>
		<category><![CDATA[MUR]]></category>
		<category><![CDATA[NOC]]></category>
		<category><![CDATA[PL]]></category>
		<category><![CDATA[PWE]]></category>
		<category><![CDATA[SSI]]></category>
		<category><![CDATA[STLD]]></category>
		<category><![CDATA[TDS]]></category>
		<category><![CDATA[TOT]]></category>
		<category><![CDATA[WTM]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=923</guid>
		<description><![CDATA[With markets remarkably resilient in the face of continued euro region troubles, an anemic US economic recovery and growing concerns of a crash in China, investors may want to consider deep value stocks for possible investment. While cheap stocks can always get cheaper, true value stocks (as opposed to value traps) will probably fall less [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2012/01/19/13-deep-value-stocks-opportunities-or-traps/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Exiting Penn West Expl. (PWE) &#8230; Sort Of</title>
		<link>http://enlightened-american.com/2012/01/09/exiting-penn-west-expl-pwe-sort-of</link>
		<comments>http://enlightened-american.com/2012/01/09/exiting-penn-west-expl-pwe-sort-of#comments</comments>
		<pubDate>Mon, 09 Jan 2012 23:18:23 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=920</guid>
		<description><![CDATA[I have been looking to sell PWE around $20  for some time &#8230; for a rundown of my reasons, please see this article.  Investor optimism at the start of a new year provided that opportunity but instead of outright selling the shares (and missing out on future gains), I instead sold PWE $20 June 2012 [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2012/01/09/exiting-penn-west-expl-pwe-sort-of/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Penn West Energy Fair Value Estimate</title>
		<link>http://enlightened-american.com/2010/04/29/penn-west-energy-fair-value-estimate</link>
		<comments>http://enlightened-american.com/2010/04/29/penn-west-energy-fair-value-estimate#comments</comments>
		<pubDate>Thu, 29 Apr 2010 21:59:32 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=679</guid>
		<description><![CDATA[It&#8217;s been awhile since I&#8217;ve commented on Penn West Energy Trust &#8212; these days, I save my stock specific analysis for Enlightened American Premium members &#8212; but I have blogged a bit about PWE in the past and so will share some brief comments. The arrival of Murray Nunns has definitely invigorated Penn West on [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2010/04/29/penn-west-energy-fair-value-estimate/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Penn West Energy Q4 2008 Update</title>
		<link>http://enlightened-american.com/2009/02/25/penn-west-energy-q4-2008-update</link>
		<comments>http://enlightened-american.com/2009/02/25/penn-west-energy-q4-2008-update#comments</comments>
		<pubDate>Wed, 25 Feb 2009 22:19:40 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=312</guid>
		<description><![CDATA[All figures CAD$ unless noted: Operating cash flow held up in the fourth quarter, dropping only 2% from Q3 to $602M. Funds flow from operations (FFO) fell 26% on a sequential basis to $490M, due to changes in working capital. The standardized distributable cash ratio (basically the ability to cover distributons from free cash flow) [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2009/02/25/penn-west-energy-q4-2008-update/feed</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Penn West Still Shaky After Cutting Payout</title>
		<link>http://enlightened-american.com/2009/01/21/penn-west-still-shaky-after-cutting-payout</link>
		<comments>http://enlightened-american.com/2009/01/21/penn-west-still-shaky-after-cutting-payout#comments</comments>
		<pubDate>Thu, 22 Jan 2009 06:06:32 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=292</guid>
		<description><![CDATA[As promised, I dug a little into Penn West Energy (PWE) after they cut their distribution. Keep in mind that PWE&#8217;s numbers are basically an unknown moving target after the huge drop in oil prices.  The earnings call on Feb 19 should shed much more light on where the company stands in this tumult. Using [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2009/01/21/penn-west-still-shaky-after-cutting-payout/feed</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Penn West Energy Cuts Distribution</title>
		<link>http://enlightened-american.com/2009/01/15/penn-west-energy-cuts-distribution</link>
		<comments>http://enlightened-american.com/2009/01/15/penn-west-energy-cuts-distribution#comments</comments>
		<pubDate>Thu, 15 Jan 2009 20:55:43 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=288</guid>
		<description><![CDATA[Read the official press release here. I will dig deeper into the numbers later but my first reaction is somewhat muted. I had been anticipating a distribution cut when oil was much higher (see previous posts here) so obviously, yesterday&#8217;s announced 33% cut was inevitable, given the drastic drop in energy prices. Penn West is [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2009/01/15/penn-west-energy-cuts-distribution/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Penn West Energy (PWE) 2008 Q3 Earnings Update</title>
		<link>http://enlightened-american.com/2008/11/17/penn-west-energy-pwe-2008-q3-earnings-update</link>
		<comments>http://enlightened-american.com/2008/11/17/penn-west-energy-pwe-2008-q3-earnings-update#comments</comments>
		<pubDate>Mon, 17 Nov 2008 16:36:46 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=257</guid>
		<description><![CDATA[2008 Q3 highlights (all figures C$ unless otherwise noted): Due to the acquisitions, YOY comparisons may be misleading so I will be focusing on changes from Q2 2008. Keep in mind prices hit records in the beginning of Q3 (US$145) and now sit under US$60: Operating cash flow (OCF) came in at $1.58 per share [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/11/17/penn-west-energy-pwe-2008-q3-earnings-update/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Penn West Energy Trust (PWE) Q2 Earnings Update</title>
		<link>http://enlightened-american.com/2008/08/12/penn-west-energy-trust-pwe-q2-earnings-update</link>
		<comments>http://enlightened-american.com/2008/08/12/penn-west-energy-trust-pwe-q2-earnings-update#comments</comments>
		<pubDate>Tue, 12 Aug 2008 21:13:49 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=204</guid>
		<description><![CDATA[2008 Q2 highlights (all figures C$ unless otherwise noted): Due to the acquisitions, YOY comparisons may be misleading so I will be focusing on changes from Q1 2008. Keep in mind the big spike in oil prices during the quarter (and the big drop since). Operating cash flow improved markedly in Q2 2008 to $671M, [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/08/12/penn-west-energy-trust-pwe-q2-earnings-update/feed</wfw:commentRss>
		<slash:comments>5</slash:comments>
		</item>
		<item>
		<title>The Difference Between Being Right &amp; Getting Paid</title>
		<link>http://enlightened-american.com/2008/05/30/the-difference-between-being-right-getting-paid</link>
		<comments>http://enlightened-american.com/2008/05/30/the-difference-between-being-right-getting-paid#comments</comments>
		<pubDate>Fri, 30 May 2008 16:09:30 +0000</pubDate>
		<dc:creator>Davy</dc:creator>
				<category><![CDATA[Investment Strategies]]></category>
		<category><![CDATA[PWE]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/2008/05/30/the-difference-between-being-right-getting-paid/</guid>
		<description><![CDATA[In the comments section at SeekingAlpha of my latest post on PWE, I mentioned part of the frustration of holding PWE was missing out on this huge run-up in energy prices. Here&#8217;s an excerpt (complete with chart): &#8220;I think USO may have some tracking error but it is still up over 100%. The spot price [...]]]></description>
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		<slash:comments>0</slash:comments>
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