STOP SELLING!!!I love certain parts of yesterdays release
1. "Durango is a key asset and Bridge has maximized insurance protection inthe event of physical disruption anywhere in the production chain fromthe Durango subsea wellhead through to and including the onshore BactonProcessing Terminal. The policy provides for replacement of the hostplatform and also includes Loss of Production Insurance that would payBridge monthly for a rolling two years on forecast volumes at futuremonthly average oil and gas prices."
2. "The well has produced 2.06 BCFG and 58,431 BO through March 31, 2009" now if only we new the backout payments so we could calculate the share price.
Lets assume 50% of the capital goes to backout (probably smaller)
2060000000 cubic feet of gas / 1000 (conversion for sale) = 2060000 X $7.33 = $15099800 / 2 (50%) = $7549900 gas per quarter x 4 quarters = $30199600 in gas a year
700 barrels of condensate x 330 days a year (will be some downtime) = 231000 barrels a year x $50 a barrel = $11550000 in oil per year.
30199600 + 11550000 = $41749600 gross profit after backout for the year. That's $0.31 cents a share gross profit. Even at $0.15 cents a share (net afte expenses) at a P/e of 5 this stock is worth $0.75.
I'd stop selling if I was you :)
https://app.quotemedia.com/streamer/newsItem.htm?storyId=22197956&;topic=BUK:CA