Another good quarter.$9.7MM profit Q3, but that will likely fall when they run out of tax loss carryforwards.
But the balance sheet looks excellent. Raising '11 capex guidance to $130-$140MM, mostly self funded from current cash flow is a pleasant surprise.
Couple with significant upside potential looking for 40MM bbls "risked" reserves in '11 vs current 12MM bbls 2P and CZE remains a low risk, relatively high reward play.