Woodstock, SIOR has 8230 acres leased in the heart of the Mississippian Lime Play. According to OKlahoma's regulatory agency, that is enough average to fit 52 horizontal wells. SIOR neighbors are completing wells that are averaging 2000+ BOEPD...
SIOR had no cash earlier this year & couldn't afford an auditor to stay current with the SEC, then the CEO died, then they got into a scuffle with a trust fund out of New York who is a major shareholder. These events caused stock to plummet.
4-5 months ago the value of SIOR's leases started exploding when SD & CHK said that this is the most economical play to drill in in North America. Lease value should hit all time highs this quarter, we are seeing big deals go down more & more frequently. Other Mississippian Lime Stocks have already grown 10 times as much as SIOR who is lagging.
Sior suddenly had accost to operating capital when their leases were proven. It is rumored (I stress rumored) that SIOR closed on leasing 15,000 acres, also in the play, that they had previously negotiated options on to lease. This is thought to have taken place during the week ending 21 October 2011. The new CEO then sent out an email to several shareholders saying that he would be working toward getting current with the SEC as soon as possible.
I believe that SIOR has a long way to go before it reaches it's true value, though I have no idea what that true value is.
Atinum Resources paid $4425/acre for 13.2% working interest in 1/4 million of SD's acres... This included a drilling carry which make it hard to compare, but that is equal to $33,500/acre for 100% of a lease. SIOR is known to hold 8230 acres just like those that Atinum paid so much for...
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