NBZ and M&AIt seems from their public statements that NBZ is looking to do more M&A.
Anyone think they could take a run at TBE?
They could issue about 30% of their EV (debt or stock) and increase their production by 60% (more if they are willing to spend capital on the medium oil assets that TBE has).
The valuation differential is signficant on a EV/BOE/D and EV/DACF basis and seems exploitable in the current environment.