It takes LESS time when there is cooperation in providing actual information to work with... which the company provided us a little bit of this week.
The last news release made it fairly obvious that the asset they have has a potential for 50 new wells, which it appears would cost them more to drill than there is value contained in the remaining oil...
Seems likely that could explain why the prior owners didn't bother to drill them ???
That leaves you either waiting for higher oil prices... or hoping they have a pile with more money in it than seems likely. The DD effort, for now, is reduced to waiting for the next Q... to see what the cash position and the burn rate looks like...
If they have more cash than I think is likely... there might be some other potential possible... which leaves you then with question on the "asset shrinkage" that occurred as the prior deals were being done ?
We've seen the persistent effort in promotion...
Now, lets see if the stock can keep "moving up"... without there being any reason provided for it to do that ?
Nice volume today...??
Maybe my prior comment from August 24 comes into play, now:
"Otherwise, given the market we're in, a particularly poorly timed effort to orchestrate a "pop" might only generate a somewhat larger acceleration in the "drop" that follows. From here, it would likely be better just to see it drift and settle to some lower support level a bit less dynamically than to watch it "soar"... and then get run off the edge of a cliff."
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