Not that it matters, but I think they could have borrowed some secured debt, cash, but I suspect they decided the secured debt route would have tied too many hands on the next steps (bankers were asking for too much for too little), such as drilling some cheaper wells in Louisiana next, and signing JV deals with others next for wells on any of the properties they hold leases on. Also the banksters may have had issues with the incomplete merger, that depends on how the investors in both companies vote!!!
WE should be asking ourselves what happens in about 3-4 months when $500,000/month of cash flow hits the bank monthly from a completed and connected well.
%500,000/month divided by 160,000 million shares (after the merger, and yes I made some CRUDE (LOL) assumptions there), works out to about 3.7 cents per share in revenue per year. A PR of 20 (assuming the next step is expansion of the pipeline to accommodate the wells true capacity, not that the current pipeline can only handle part of the wells capacity), would be 74 cents a share.
PE calc would be a little more complicated, and has some unknowns, like depreciation, so I used PR number, price to revenue.
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