200k acres of Marcellus holds significant value now that NY are going to allow fraccing. 200k acres of Utica, Chesapeake has just valued their Utica at $12-16k an acre. Not to mention 15mil acres of potential oil and gas shale in Australia where it is all starting to gain momentum. Not to mention the company is cash flow positive to the tune of $2.3mil last quarter on $8mil cashflow and has around &0 (from memory) proven drilling locations that they are in the process of developing to further increase cashflow..
Looks highly likely this will rerate as the placement shares ware thin which they appear to be doing now.
Cheers
large rerating coming soon
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