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Article: Canadian industry seeks relief from new cash drought. (petroleum companies raise less cash in 1994 through share offerings than in 1993)
- Article from:
- The Oil Daily
- Article date:
- November 30, 1994
- Author:
CopyrightCOPYRIGHT 1994 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CALGARY -- After pouring billions of dollars in investment into Canada's oil sector last year, investors have grown shy in 1994 and some are running for cover as the end of the year nears, Calgary investment dealers say.
The recent sell-off of some once-favored junior oil companies has left brokers and analysts wondering when it will stop.
"Everybody has been sitting back and saying, 'What is going on here? Is it that bad?' Absolutely," said Sprott Securities Ltd. Vice President Neal Gledhil, answering his own question.
"The institutional investors are very angry. They feel misled," added Tom Budd, senior vice president for corporate finance at Goepel ...