Guoxinfa, I am not sure I understand what you are saying, but...

Guoxinfa, I am not sure I understand what you are saying, but are you confirming there is no cash in the company at the present time? I want to get the facts right before analyzing this properly. Are you thinking they repay the 6.5m bridge in 3 months out of newly generated cash? Seems ambitious if so. I think the assumption has to be that there will be an equity raising at some point to repay this and maybe that is what is weighing on buyer's minds.

It is misleading to compare field ebitda to market cap alone. You need to look at EV, which includes the high amount of debt. WIth Debt in excess of 70m, the EV is around 90m. Assuming 18m field ebitda, the multiple is around 4x to 4.5x at current sp. That seems fairly valued to me, but of course any new discoveries or major increases to the gas price will provide plenty of upside. If gas price climb over $6 in future and NY lifts the ban on hydro-tracking, there will also be upside in the value of imp's Utica shale. I believe this will happen one day, but I sold because i felt there were better opportunities in other resources in the meantime.