The situation appears to be that the SP will not move foreward until the production rate is 10000 boe/d possibly end 2014 increasing to 15/18000 boe/d by 4th Q 2015. The news in the last 6 months has been good ; 1.Increase in Reserves. 2.EFS acreage increased by 11500 acres at a good purchase price. 3.Substantial increase in bank facility. 4.Disposal of surplus acreage at good prices. 5.Virtually debt free with substantial cash on hand. 6.Current production showing healthy cash flow . 7. Revenue 2014 should be $225 million and Revenue for 2015 sould be $450 million. This stock is undervalued and with top management has an exciting future.
SEA Price at posting:
$1.05 Sentiment: None Disclosure: Held
