RE: Lots of dilution-concern repostInteresting comments, but let me address each of them.
1. Durango is low-risk. Toe of the horizontal well will be within hundreds of feet of the 1967 discovery well. Pretty simple. Nothing's done until it's done, but this is like when Oilexco redrilled Brenda about 5 years ago.
2. Nothing against the guy, but the analyst at Research Capital is a CFA and has no geological background. Uses the "standard" 10% COS for exploration wells, and doesn't appreciate just how low risk Durango is... 'nuf said.
3. Alright, let's add the $50 million to 2009 cash flow, which is what any price target should be based on. End result is identical to what I put in my prior post.
Durango is the key risk right now without a doubt. I think that risk is low. That's what makes the market!
JMO and yes I'm long BUK.