HPCO: Interesting company with extremely good numbers, a cash cow like you said. Only downside risk is minimal, that is, that the owners take it under at a steep dicount, In other words, they have the insider votes to buy the entire remaining public float at a discount. In fact they have plenty of cash in the company's kitty right now to take it under rather than being magnanimous enough to share any dividends with non-insiders.
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Found this quick summary on HPCO giving a bit more context to their operation (their coal ops consist of one mine which started in early 2007, so makes you wonder how much reserves and how long their mine will last):
Hallador Petroleum Company (Hallador) concentrates its efforts in the coal business. It sells all of its coal to producers of electric power. The Company has only one mine (Carlisle) and three mid-west electric utility customers. The Carlisle mine is located in western Indiana and was in the development stage through January 31, 2007. First commercial production began on February 5, 2007, and it sold 972,500 tons during the year ended December 31, 2007. In July 2007, the Company sold its San Juan gas properties. The Carlisle mine, located near the town of Carlisle in Sullivan County, Indiana, is an underground mine, which became operational in January 2007.
Hallador Petroleum Company
1660 Lincoln Street Suite 2700 Denver CO 80264
Phone: +1 (303) 839-5504
Fax: +1 (303) 832-3013
Horsehead and Orion Nebulae
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