I've been catching the falling knife all the way down in Arcan, putting my money where my mouth is, methodically averaging down. What started as Arcan's miss has become a full-on market pull-back. 

 

FWIW, I've also been buying Novus, which also seems quite undervalued on both a flowing barrel basis, as well as 2P. Given it's 77,000 acres in Viking Dodsland,  600+ drilling locations, light oil weighting (84%), small debt ($40M) and fairly good netbacks ($53 per barrel). They have guided to a 2012 exit production of 4,500 boepd, a 58% production increase over 2011. I don't cover every Canadian junior (disclaimer), but that's the highest projected increase of the ones I follow. 

 

Hell, I even bought some Petrobakken today.  

 

BOL to all,

 

DR