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Tom Cross, CEO of Dana Petroleum (DNX 1223p) has a great track record- again!

Back in June last year he and a colleague, David MacFarlane exercised options and sold significant amounts of shares in Dana Petroleum (DNX, 1223p) at close to 19 pounds a share.

In the market turmoil of October Cross bought shares back at 10 pounds a share CHEAPER.

Since then the market has bounced, as has the oil price, and the shares are up 50%.

I’m sure there’s more to go, and longer term you might want to follow Cross’s lead, not mine.

But having seen great results (‘surge in annual net profit‘) for the year to December 2008 (note to self: 10 months were ‘in the bag’ when Cross and Dayer bought shares), I’m happy to take Dana off the ‘STRONG signal, ‘Directors buying’, ‘Positive’ list, with a 47% absolute return and a 34% relative outperformance against the market (FTSE 250 index).

Note of October 19th ‘CEO invests at 853p having sold at 1886p in June’:

Only last week, October 15th, followthedirectors wrote ‘Technical director thinks DANA Petroleum undervalued‘.

One day later. the CEO Tom Cross, and one of the non executive directors Philip Dayer, also bought shares in Dana Petroleum (DNX, 831p).

Non exec Philip Dayer bought 5787 shares at 864p, taking his holding to 9387 shares. CEO Cross bought 43490 shares at 853p, taking his holding to 1,044,890 shares.

So this isn’t a significant move on Cross’s part. But when you look at the $$ amount invested (GBP 370k), and the coincidental purchase of shares by three other directors in the week (Brian Johnston non exec, and Stuart Paton Technical and Commercial Director, as well as Dayer above), then Dana Petroleum starts to look interesting.

View on Dana: Neutral

For all Dana Petroleum comments see here.

Only last week, October 15th, followthedirectors wrote ‘Technical director thinks DANA Petroleum undervalued‘.

One day later. the CEO Tom Cross, and one of the non executive directors Philip Dayer, also bought shares in Dana Petroleum (DNX, 831p).

Non exec Philip Dayer bought 5787 shares at 864p, taking his holding to 9387 shares. CEO Cross bought 43490 shares at 853p, taking his holding to 1,044,890 shares.

So this isn’t a significant move on Cross’s part. But when you look at the $$ amount invested (GBP 370k), and the coincidental purchase of shares by three other directors in the week (Brian Johnston non exec, and Stuart Paton Technical and Commercial Director, as well as Dayer above), then Dana Petroleum starts to look interesting.

Also remember (see link to comment above) that Cross and his CFO McFarlane were diligent enough to exercise and sell shares in June at near to GBP 19, within 5% of the high for Dana. You have to give them some credit for their timing.

View on Dana: Positive, directors buying

Signal Strength: STRONG (up from Medium) on the news that now four directors out of the board of eight are buying shares.

Thomas Cross (CFO) and David McFarlane (CFO) pretty much called the top on Dana in June this year when they exercised options to buy shares at 236p and 414p respectively, and then sold them at 1886p and 1881p respectively.

They took GBP 4 million and GBP 1.76m respectively out of Dana Petroleum (DNX, 1037p) within 5% of the high (1972p in May).

So it is interesting to see a whisper of positive news just this last week as two directors buy shares.

Brian Johnston, a non exec, on October 8th bought 6000 shares at 908p, inititaing a position in the company.

Two days later, on October 10th, Stuart Paton, the Technical and Commercial Director, bought 9179 shares at 894p, taking his position to 32,529 shares.

Between them they have committed GBP 137k to the company, which is minimal when compared with the money taken out by the CFO and CEO in June.

It is however an important signal to investors, which may establish a level of support for the shares.

Please also note that we have recently seen hesitant director purchases in other natural resources stocks including Xstrata, Cairn Energy, and Premier Oil.

View on Dana: Positive, Directors are buying shares

Strength of Signal: Medium

See comment of October 19th: Dana Petroleum – CEO invests at 853p having sold at 1886p in June.

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