This stock is very undervalued at $1.47 IMO.
Case in point
$120 Million - Current market cap (rounding up 81 mill x $1.47)
They sold 40% working interest acreage in Haynesville formation for $17,500 per acre. The Mississippi formations is anticipated to be worth more than Louisiana acrea. Mississippi we have 100% WI for 17,000 acres. SO just using the 40% price $17,500.
$ 297 Million ($17,500 x 17,000 acre)
$120 mill market cap vs $297 million land value. I'd say we are undervalued.
I understand this is VERY gross. And we need some results from drilling in Mississippi but should make the point. That number does not consider any revs from production wells just rough land value based on 40% WI and Mississippi land is 100%. Investing at these prices is a very good bet. I can see why target price for this near term in $5 plus dollars.
It is easy to figure out what you believe. The difficulty lies in determining - is what you believe the truth.
