RE: RE: RE: RE: hallggBridge Resources has a market cap of about $45 million and about $45 million of debt compared to Paramax's $26 milliion dollar market cap. The question here is whether you go for the pure play of Paramax or go with Bridge Resources.
Here is what Bridge has that might be worth a whole lot more than the $90 million.
1) Durango has been restarted at the constrained rate of 10 mmcfd gas and 240 b/d condensate on a 20% choke with a flowing pressure of 1,842 psi. The flow rate will be progressively increased to calibrate the back-out gas percentage and then held at a level to optimize net gas production to Bridge with minimal back-out. Bridge will further advise the optimal production rate. There is no back-out for condensate at any production level.
2) Durango's condensate could increase to 4,084 barrels of Condensate per day which was the level last year during the second quarter. Even at half that rate BUK would net $40 million per year.
3) The reserve estimate for Durango as of April 28, 2009 is over 413 MBO proven reserves
4) Steamboat prospect is prospective for 180 MBO with a drilling cost of $14 million
5) Bridge has a lot of upside even if Boise is a bust. Back in February of 2008 the share price was over $1.50 per share