For me it's a screaming buy for some other O&G company to buy outright. That is depending on how big a risk the impending lawsuit is. $50 million cash and 500 boepd production and lots of Permian basin acreage, though admittedly, the quality is a little unknown. Admin costs could be sucked up by an existing company and then company would be cash flow positive. Drill a new well in the Barnhart, keep the exit rate steady or sell off and pocket the cash. They get the potential of a blockbuster in 1.4 million s acres of Quebec shale in the bargain.
MPO Price at posting:
20.0¢ Sentiment: None Disclosure: Held
