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I have been following this stock for a month or so. I have been blown away by the rising price. Looks like their earnings don't support the rally, or this price at all. Here's hoping I caught the top of the trajectory.
Disclaimer: I would feel a lot better if I saw their Q4 2009 earnings. I am somewhat concerned that they might keep going up. I was going to wait a bit longer, but my magic eight-ball told me to go for it.
Check out the properties they own in Columbia. It may give you the answer to the price rise.
From their 10-Q for Q3 of 2010:
"In September 2009, ... [Hupecol is] evaluating a possible transaction (a "Transaction") involving the monetization of five exploration and production contracts covering approximately 413,000 acres comprising the Leona Block, La Cuerva Block, Dorotea Block, Las Garzas Block and Cabiona Block in Colombia."
... and HUSA is a big investor in Hupecol.
Is that what you are referring to, or is it something else? Are they finally seeing some money from the SK deal? Is there something else I missed?
I think I'll stick to my guns if I gave them a downthumb prior to a one-time transaction, but if there is some sort of long-term revenue source I missed, I may consider cutting my losses.
The SK deal was a steal. CPO4 has estimated reserves +1B. Just have to wait until comes on line.
Word is getting out but you still have time to make money on this.