I am not that worried about this share price movement at the moment. In their last presentation they are predicting ex-South Antelope of 1200-1600 by calendar year end 2012.
If they can have production of around 1300/1400 by that time, and with over 100m in the bank, imo this is still a much stronger company. The other option would have been possibly 2000 and with a 50m debt, no thanks.
Throw in a couple of positive mississipian wells, and we should be looking at $1 plus. I have held this share since late 2009, and it appeared to me to run in shareprice due to opptimisum about the Niobrara leases. That play does not appear to have been that strong, but these mississipian wells could be a much stronger story, and they are looking to increase their exposure to over 40k acres.
All we need is a little change in perception of where this company is headed, and with over 100m in the bank, just need patience. :)
SEA Price at posting:
75.0¢ Sentiment: Buy Disclosure: Held
