RE: Time to Buy? Hardly.Buying this play? At these prices? Hmmm.
Look at the pathetic 2P NPV10 after tax numbers for Idaho that they buried in the financials. A pathetic $7MM! BUK needed every molecule of "resources" to be converted into reserves to justify anyone's interest in this play. But with the recent duster, much of that potential evaporated.
Then consider the sale of Durango is highly unlikely to pay off the debt they raised to develop the field. Why? Because the field had "unexpected water incursion" and had to be shut-in. Reserves were slashed as a result. Anyone who thinks a buyer will pay full price, even based on the slashed reserve numbers are extremely optimistic. Put yourselves in a buyer's shoes - would you buy a play that is shut-in because of unexpected water intrusion? That's like buying a home with a leaking roof but no estimate of what it will cost to fix/replace. Buyers will only put in low ball offers to account for the large risk. BUK management knows that, but nevertheless isn't willing to put more cash into Durango to get better value - that in itself is a red flag to any potential buyer...
So what do you have left? A company that will barely generate enough cash to service the debt/repay the debt remaining from the NS asset sales, let alone drill and develop Idaho (presuming that Idaho is even worth bothering with at $4mcf gas prices in the first place).
You were sold a nice story this year, but the jig's up now.