Amazes me that Bankers has not been taken over!
With nearly a quarter billion bbls of 2P oil reserves and the ability to generate free cash flow with a quarter billion dollar capex in 2013 it amazes me that a major would not come in and buy them as TD keeps indicating in their research reports. They could make an attractive at $6.50 per share and purchase the the production and reserves for an EV/reserves of just $7.55 (1.7B/226M) per BBL. The 2P reserves have a Recyle Ratio of over 3 which is very good reserve economics.
The addition of a quarter billion bbls of reserves to a major E&P independent's balance sheet would be very goos as ther cost would be $1.7B but they could immediately book assets of $1.9B for a net gain in assets of $200 million. If they happened to get the company for $6 per share it would increase to a gain of $330 million and have all the production upside for FREE.
It just amazes me that someone has not taken a run at the company