boomer, (just to clarify, the author of that post was Bobwins, not me). I totally agree with your point about PV10, its so "yesterday" to be talking about the valuation of an E&P company solely with reference to its PV10 value. Before resource plays became the norm, it probably made sense to do that, since there was usually not very much certainty about the prospectivity of large blocks of undrilled acreage. Now with the advent of resource plays, we can get a pretty high degree of confidence about undrilled acreage, at least when it is in the fairway of a resource play.
I believe most of the acreage that Pure Energy had, was assembled by 2 large E&P companies, who then merged, and apparently decided after merger that New Mexico was not going to be core area for the merged company. Pure was then able to scarf up the acreage for some pretty cheap money I believe.
Can't wait to see this equity raise get done and see the the drillbits turning to the right. I'm hearing that there is a lot of retail interest in the offering, which is great given the stage that this company is at at this time, IMO. Also, it should not be long before we could be getting some news on how those Wolfberry wells are doing.
Not expecting a lot from the upcoming 10Q but it would be nice to see the bottom line of the operating cash flow calc not have the # in parentheses.
Hopefully after they file the 10Q and announce the equity raise they will hold a CC. I think that would go a long way toward making folks more comfortable with the story.
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