a compelling buy?, page-11

If by fixed cost you mean management and lease expenses.. if I'm in the ballpark at 1500 boe/d and using an oil cut of 75 % at a low end 80 bbl, we should generate revenue of $35 million p.a atm.

Can't remember what the admin cost are but seem to recall around 3.5 million p.q..so leaves $21 million. Not a profit making enterprise right now I grant you.

But take arex..making 8000 boe/d and focused on the Permian basin. Their market cap is 1.2 billion ( more with debt) that is 12 times our current market cap with no debt and 90 million in the bank