maskers: Other than the negative slant to your wording.."gave up", your post is fairly accurate for as far as it goes. $1.5/share TODAY for b2&4 only would suit me just fine also.
A full carry to commercial is worth mega bucks. There could easily be a dozen or more drillings in each block before 'commercial'. This is hundreds of millions of dollars worth of exploration and infrastructure costs (in addition to signature bonus monies), none of which we have to come up with. For 30% of that in B2, how many shares would it take to raise about $100,000,000 in CASH?
Now, figure the FUTURE value of those 480mm bbl of oil....
say it costs 10 to take it out (very high, since in reality most of that cost is in drilling, which will already be accounted for) and the going rate is 60. 50% tax leaves 25/bbl PROFIT. Prorate that over 20 years and 710mm shares and it's 0.85/sh/yr, starting in 1-2 yr? Is it worth waiting a year or two, or do you want a quick fix now?
Keep in mind this is only b2&4. 0.85/sh/yr dividend in a year or two will put me in permanent retirement with more money than I would care to try to spend.... add in our other assets, and the NEEZ which is sure to come, and it gets downright unreal.... and don't forget the natural gas.
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