qn for the great ronstieb, page-2

Auto
Looking at EXR's sp I'm not feeling that great.

EXR is fairly illiquid so if you're thinking of taking a big position it will be hard to get out of if things dont go according to plan.

At least COE has reasonable daily volume.

EXR is cheap based on GOM assets alone but the market seems bored with modest gas developments so GOM success not gonna make us rich

The near term bluesky is Leopard in the Nth Sea, REA paying 51% for 30%, and another farminee needed to get EXR mostly free carried.
EXR will end up with ~32% free carried if all goes well.

Targeting 200 to 350mmbbls depending on whose estimates you read.

The thing is, there's no guarantee they can find another farminee, so we live in hope.
They are aiming to spud 3rd qtr 2008 subject to farmout conclusion which would need to be soon.

They have ~$1mil revenue/mth atm from 3 GOM wells and hopefully this will increase with further wells at Pompano field

Market cap only $30 mil at 18cps

Without Leopard, COE/gurame probably more interesting atm for a quick trade.

As for STU, the drilling schedule for the west triton rig is already way behind and I wouldnt be surprised if Bazzard doesnt spud until late 2008 early 2009 so no hurry to park funds in STU with no near term drilling.