Jay Taylor in the Dec. 16, 2011, edition of Gold, Energy & Tech Stocks refreshes his buy of Petaquilla Minerals Ltd., recently 59 cents. Mr. Taylor first said buy on Sept. 20, 2011, at 82 cents. A $1,000 investment at 82 cents is now worth $719. Petaquilla owns the Molejon gold mine in Panama. In the first quarter ended Aug. 31, 2011, cash costs from the heap-leaching operation at Molejon were $554 an ounce. Mr. Taylor says this is encouraging, as are the rest of the Q1 results. Petaquilla earned $4.96-million (U.S.) in the period, up from a loss of $5.73-million (U.S.) in the first quarter ended Aug. 31, 2010. Cash flow increased to $9.83-million (U.S.) from $1.83-million (U.S.). Mr. Taylor continues to expect Petaquilla to double or triple within the next 12 months. He notes the company has a strong management, which includes chairman Richard Fifer. He says buy Petaquilla for the long term. Elsewhere in the newsletter, Mr. Taylor says 2011 has been a bad year for his recommendations. His low-budget/low-maintenance portfolio has fallen 19.06 per cent, while the S&P 500 has fallen only 3.02 per cent. The OCM Gold Fund, which constitutes 37 per cent of the portfolio, has dropped 14.45 per cent.