I guess I have mixed feelings about this merger I have owned Blast for many years, I still have shares I brought for $10.00 a share. On one side I guess it gives us a chance to continue as a company we were on our last legs having only a half percentage in a couple small wells, a dry hole and a nonworking drilling rig with weeds growing under it. Hopefully these guys see something in the rig or the dry hole that they can do something with. But only getting 5% of the new company even if they could fix the rig we would only be getting 1/20 of the reward.
With them getting 1 share for 1 share Pacific and us getting 1 share for 60 shares I have to wonder what the shares would trade at. Using the $1.20 from a previous post that would be 1.2 x 2,400,000 x 20 = 57.6 Million market cap, hard to believe! Based on theses number the price would have to go to $30 for me to break even that would be a market cap of 1.4 Billion I will not be holding my breath.
Have to wonder do they see anything in the company or is it just a way quick way to go public and if so what is that worth? Hard to believe that would be worth more then a half million if so that would make the company worth .5 x 20 or 10 million? Do we not have some losses that could be worth something as far as writeoffs on taxes?
I guess it is better then going under and I hope these guys can can do something BIG
For me this was always a swing for the fences investment and if we could get the rig working and get to $15 - $20 a share I could look at retiring in a few years but that was looking very slim before the merger and now a total lost is less likely but a $15-$20 non-split is 1,000,000 to 1.
