sliverbullet...better late than never. I bought today after reviewing the 2007 results and their website and presentation. I can't believe the stock is still so cheap. They do have some warts. Recent sale of Alberta/Montana was forced by bank calling their loan and they do have financing needs pretty quick. I am a little worried about the size and pricing of the financing but it's needed and they obviously have bigger fish in their sights. Presentation says they hope to raise 25-50 million in equity PLUS 50million in bank debt. They must have a big purchase in mind.
Q4 numbers are what sold me. .05 eps and .12 cashflow annualized are .20 and .48 vs the .65 price today.
Q4 pricing for both ngas and oil were way below current pricing so I think Q1 will come in better. Q2 will be complicated by the sale of the Alberta/Montana production and probably a big writeoff of the properties. They paid over 10 million in stock and only got 6.3million for the package.
So good news first and then maybe some not so good news. If they hit in the GOM it won't matter.
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