Mutton dressed up as lamb, page-3

Easy Mutton dressed as Lamb, the others couldn't be dressed up as anything but a failure compared to the $300M they turned down.

$50M in cash, + $73.5M in stock @ current price = $123.5M

$100M of cash & debt free = not for long, they had $23M in cash $26M in debt + $58M loan notes before. Lets say $13M for the share buyback means a net position currently of 143.5 - 97 = $46M on the positive side less interest payments etc

If you want to look at it in current cash terms, I'd say 50 - 13 - 3 - interest payments so $34M (year end bonuses to come off as well) to invest in the ground, before they either have to start selling stock or draw down the loan again. At $7M a horizontal maybe more going by past history it won't take them long to get through it = 4 wells.

Current production not a lot I'll maybe go and check it sometime.

LOTM