You are confusing bpd with boe. The company is not producing double what they were. They are probably right at where they were a year ago - around 350bpd / 700 boepd. Probably their natural gas production is somewhat higher - but since it was only about $400k a Q revenue that isn't going to be a huge boost.
Armada probably is sitting tight on the cash they have left to drill the $2M exploration well in Niobrara they need to drill to keep the Anadarko agreement alive. It is my understanding they must spud that by Dec 31.
I'd be surprised to seeing other significant outlays of cash until they can put together some financing. The CEO has confirmed that he is opposed to significant dilution so we shouldn't see them destroy the company to raise funds - which is a relief. I'd rather them lose the Anadarko deal than dilute at these levels.
Its a shame the MS Lime well went bust. I think we'd have a totally different story right now.
It would be great if future recompletions could ramp up bpd a bit more. Extra production goes straight to the bottom line of cash flow. If they can flow $2.0M of cash a Q that will go a long way towards a drilling program.
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