IAE----Hank, as usual, your timing on the purchase of IAE appears to be excellent at probably the low for the month. With earnings and an operations update coming out on Tuesday (8/13), I see blue skies ahead for IAE even though it operates only in the turbulent NS. We will now start to see the value of the Valiant acquisition with strong comparable earnings and cashflows leading up to full development of Stella. IAE is currently at 12-14K bpd production from 5K, and expects to be at 25K with Stella in about 12 months. At that time, the free cash flow may be 1.2X the current share price. IAE is a huge position in my portfolio, so I am biased. Oh, I forgot, there is potential exploration upside and some fear that there could be another buyout effort before true value is realized. GLTA
tmcal6
