Value Microcaps Motherboard

[cliffvb]

CHAR.OB:As others have noted their 10K was out today. While I was somewhat underwhelmed by their earnings for the quarter, they were not bad at all especially considering that they came in at 8c and that was fully taxed unlike many of the micros. That indicates a current annualized PE of less than 8.

What wasn't mentioned by others here but what I see as a huge positive is that they refinanced their debt. Their accounting firm had issued a "going concern" statement but that is gone now. Further their old 14% debt was refinanced at less than half that rate (3 1/4% over libor). This will substantially reduce their interest expense and also tells me that a bank must really like their prospects as well, in spite of the region inherent with the region that they operate in.

CHAR also expect their production of oil to increase from 8000bpd to over 13,000 bpd by the end of the year. Their current market cap is a fraction of the PV10 value of their proven reserves and their unproven reserves are 4x what those are.

This one looks very cheap to me at current prices and I was buying more as soon as I had a chance to look at the new 10K.