If the sp was 34c and the aussie $ still strong, I would agree with you. However, the sp is onlly 25c and the US $ is strong and the company projected that it would only spend approx 13 million in the next 12 months, evenif they have no deals selling or joint venturing their Permian basin. That includes drilling one more well in Barnhart which should keep their production at current levels. Because of the rising gas prices, I think their revenue will possibly be more than the projected 5 million and the rising Gas price should also help with the value of their Wolfcamp acreage. My biggest worry, is that they will decide to jv with another company new to this area. I just want them to sell lock stock and barrel.
What is needed now, is some update from the company about progress on their maximisation plan just to assuage sh's that all is well. Remember the new ceo spent 75,000 @33 cents just a little while ago.
MPO Price at posting:
25.0¢ Sentiment: None Disclosure: Held
