What is quite impressive about Invicta is the "organic" growth that they've shown since inception and their projected production and financial metrics looking forward (2013).
The company, as stated in the recently updated corporate presentation on their website, has increased light oil production over 100% to date to approximately 400 bbl/d currently, with a projected year end exit production rate of 535 bbl/d. Average daily production in 2013 is expected to increase approximately 107% over average 2012 rates to 620 bbl/d, providing a 100% year over year increase in annual cash flow to 0.16 / share in 2013. It's worth mentioning that all of this significant growth is the direct result of success "thorugh the bit" - a strong testament to management and their expertise. Also, capex for 2013 is projected at $15 million - funded entirely through cash flow and VCA's credit facility rather than dilutive share issuances.
VCA seems quite undervalued given its steady, rapid growth - both historically and expected going forward. With projected 2013 cash flow of 0.16 / share, applying a modest price to cash flow multiple of 3-4 equates to a share price of 0.48 - 0.64, based on these multiples. At its current price of 0.26 / share, there should be significant share price appreciation for patient investors in 2013.
Have a great weekend.