First Energy - Overperform Buy https://www.rockenergy.ca/html/documents/RockEnergyInvestorPresentationSeptember2012.pdf
I reviewed the latest presentation and it looks promising. The June NAV is $3.46 per share. The stock market quote of $1.07 is trading at just 30% of NAV. With projected cash flow/share of $0.41 for 2012, shares trade at just 2.5 times cash flow. Mantario could be a company maker for Rock in the same way that Provost was for Renaissance Energy. Renaissance used to trade at a cash flow multiplier of 6-8 times, which would bring the Rock share price up to $2.50 - $3.28. A cash flow multilier of 4 times would bring the share price up to $1.60. This management team is very motivated and hold a 7% position in the company. Arc also has a big stake and would be in the black with shares in the $4.00 range. With the sale of the gas assets, management is starting again to build corporate value. This is a Ben Graham stock pick, trading at 30% of NAV, cash in the bank and no debt. Buy more shares before "Fast Eddie" buys more.