He said $40. At the position they were in at that time, with no debt, he was probably being honest. Things change however.
Now the company has the truck mounted Atlas Copco rig working on its first of many natural gas projects for 2012.
The company has a $100 million dollar credit facility in place, has purchased a custom-made National 1320 drilling rig, and is putting it in place on the deck of the Osprey oil platform as I type.
They renegotiated a lower pipeline tarriff, and just signed a delivery contract on crude that will get them North Slope pricing - which amounts today to appoximately $121 per barrel.
They will continue to look for ways to improve, including new terms on credit.
This summer there will be a series of announcements about increased production, and hopefully some new discoveries of natural gas. Plus, they have a midstream business they can grow with their Kustatan facility. Already it is used as a base camp by Apache, as oil storage for Hilcorp, and as a grind and inject facility for Furie.
This is a company just getting started and will continue to invest in its properties. After a few years we should start to see tremendous profits, as the roi rates are very high for the company.
This is a story just getting started really, and at current prices MILL is trading at a huge discount.
I know that this board is mostly for day traders, but every once in a while an investor may show up. MILL is a long term winner. It went to $8 when they reworked two offshore wells last summer, think where it will go when they rework another four.
Then you can short it. But it will bounce up,again and agian, and people who look at MILL as an investment will see huge profits.
JMTCW.
