23rd Issue Of CVI Newsletter Sent To Subscribers

I just sent the 23rd issue of my newsletter to subscribers.

This week I am adding a position to the Punch Card Portfolio.

The company is an unconventional oil producer with the following attributes:

- Trades at 60% of Net Asset Value

- Projects Growth of 85% in 2012

- Will Be Over 85% Weighted to Oil By The End of 2012

The stock is cheap for a non-grower.  The reality is though that it is growing very rapidly and has a solid balance sheet.

What really has me intrigued though are early results from a downspacing program in its key play.  Other industry participants are discovering that the play can handle twice as many drilling locations as originally thought.  The early downspaced wells are not showing any interference with the original wells.

This company is trading at 60% of NAV.  That NAV is growing rapidly every year.  And now it looks like there are twice as many drilling locations (double the reserves) originally assumed in that NAV figure.

I'm going to be a very happy acquirer of stock on Monday and in the coming weeks.