Great discussion here. But, the one thing I don't hear much talk about overall when looking at these smaller companies is whether acreage is Held By Production or not. This is huge in today's price environment-- many little companies will have to keep drilling or risk losing leases. SEA looks pretty good, if they only have to drill less than 10 wells-- other companies will go broke fulfilling their HBP numbers. And the leases either go back to landowners, or get gobbled up by the big boys at bargain prices. So, HBP requirements are extremely important when deciding which of these little companies you want to jump into at these levels.
SEA looks good to me, and I would be buying if all my money wasn't already tied up in small oilers. (just thankful that I took a tiny bit of profit at $1.30 US a few months ago.)
SEA Price at posting:
51.5¢ Sentiment: Buy Disclosure: Held
