News: MEL Metgasco updates on capital return, page-4

Exactly!!!

Well put, Stumpy - ongoing costs of MEL's admin are now less than interest income, so no cash drain there.

The percent valuations you've indicated mean that the shares will be even more undervalued after the cap return and so will go up to return to the previous level of undervaluation. At the moment, the shares don't even reflect any value for MEL's interest in Biv Peak, which will be one of the lowest cost oil and gas producers in USA....extremely low finding and developing cost, very high chance of success as proven by BYE's expertise as the experts in ultra modern seismic, and very low operating costs.

MEL also has rights to participate more fully in Biv Peak and other possible prospects. Am very comfortable with their involvement with BYE and OEL.