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Saturday, March 24, 2012 1:58:21 PM
They ended up the year with more cash than I thought, about $1.9M, and that's even after adding to their acreage a bit. This combined with the fortuitous pause in the Miss. play drilling is why they haven't had to get any more financing this quarter. But now that they have no doubt gotten the AFEs for the next 2 Miss. wells, I would think the time for more financing is nigh.
The 10K reminded me that one of the things I like about this company is its squeaky-clean capital structure. No debt (yet), just under 50M shares of common stock out, only 1.1M warrants exercisable at $1.25, and zero options. This is very rare for such a small company as Osage.
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