"as a qucikie what is NEN's cash backing per share?"
About 5.6 cents/share I think. Cash is $31M in November and NEN has 550M shares.
Cash backing isn't a particularly good value indicator for junior oilers. Many are in debt but have long term cash flows (NPV of producing wells) or value in oil reserves (3P). For example, I recall that HZN has more debt than cash, yet its sp is soaring due to current and soon forthcoming oil production as well as possible sell-down of some assets. NEN has no net debt but also little cash per share value because it has large potential reserves.
If you want a strong cash-backed oiler, SEA probably wins the contest. About 58 cents/share, where shares are currently trading at 82 cents/share.
(Disclosure: I also hold shares and SEA and HZN.)
NEN Price at posting:
22.5¢ Sentiment: None Disclosure: Held
