The BOD in May said Wizard was worth $58m. (so $11.6 m/mmboe??)
The CE1 SH's pretty much hate the deal for Blackspur and that was still $4m per mmboe.
A sale at $12-15m values Wizard at between $2.4-3m/ mmboe.
I'm not saying the BOD is trying to swindle SH's but if they were the Blackspur deal will make it harder for them to pull off.
Ann: WBE Capital Raising to Fund Rex-3 Well Workover, page-20
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