Mesa Energy Holdings, Inc. (fka MSEH)

[cleverrox]

I've spent hours more poring over the 10-K for nitpicky details. I'm more convinced than ever that there is huge potential here. They have lots of spare capacity in facilities and pipelines in their non-Lake Hermitage properties and following geology reviews can probably increase production in those fields as well.

NPV10 value of their 2.2M barrels of reserves is $73M. At 95M shares that is about $0.75 per share reserves. I see them increasing reserves further in 2012 with increased production efficiency, recompletions and developmental drilling.

What happens next is crucial. Their cost structure is about $3.5M so production increases can go straight to the bottom line. Increasing revenue from $5M a Q to $10M a Q will have astrophenomical effects on cash flow, EPS and the resulting stock price.