Oil Basins (OBL) has 298,055,206 shares on issue. Current price of 3.8c gives it a market cap of $11m and no debt. Share price has been bobbing around 3c for a long time but has been marked up in recent weeks in anticipation of a reserves/resource announcement for Backreef, its main asset. It is currently an explorer only and has no income.
Bass Strait (BAS) has 291,030,250 shares on issue and at a share price of 3.8c has a market cap of $11m and no debt. It had income in the last quarter of 114k. Its Windermeere well is due to be drilled in second quarter 2011 so a little bit of interest exists and share price has fluctuated between 3 and 5c in past three months. CEO got kicked out recently.
Grand Gulf (GGE) has 3,031,488,328 shares on issue and at a share price of 0.6c it has a market cap of $18m. I believe it is now debt-free after conversion of debt to equity. Although no revenue has been recorded in the quarterlies, the production from its one producing well should be netting it about $330k a quarter. It has had a cruel past 12 months with a well blowout and dusters. One wildcat drill is currently in progress (La Posada) and another well on another property is due to spud in 10 days.
Golden Gate Petroleum has 1,495,191,946 shares on issue and at a price of 1.6c has a market cap of $24m and is debt free. Its receipts from the last quarter were 524. It has got small percentage interests in many projects including some shared with GGE and VIL and has got sizeable acreage in the Permian Basin which it is looking to develop in coming months. They've drilled and tried to commercialise a well in the Fausse Pointe dome in which VIL is a majority owner but it had to be suspended as the rates were not commercial.
AKK Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
