potential take over target , page-4

It seems not much will be happening in the meantime whilst Mississippian results aren't yet known.

It'll be a critical time when the results are released. If they are impressive SEA should fly, but if they aren't impressive then that could present investors with a fantastic buying scenario (considering the inconsistent nature of the Mississippian).

As it stands, SEA is valued at ~$205 million. That consists of

1. $145 million cash (NO DEBT)

2. 4,800 net acres of Joint Ventured Bakken assets (on average $15,000 per acre according to the Bell Potter Analyst)

3. 11,650 net acres of Niobrara + Wattenberg acreage ($5,000/acre according to the Bell Potter Analyst)

4. ~30,000 net acres of Anadarko acreage. Probably close to approaching 15,000 acres in Logan County I'm guessing. (Osage Exploration is valued at $5,000+ per acre in and around SEA's acreage).

The maths is compelling.

Cash + Bakken valuations (from Bell Potter's Johan Hedstrom) for the 4,800 remaining net acres exceeds the current SEA market cap.

(i.e. ignoring Niobrara + Wattenberg + Anadarko acreage)

Bakken + Niobrara + Wattenberg + Logan County (using Osage's metrics) equals the current SEA market cap.

(i.e. ignoring $145 million cash + Anadarko assets outside of Logan County).


Watching and ready to purchase more SEA, just waiting for the right time. IMO, DYOR.