RE:Think they will make itSorry Resilience but we will likely not concur anytime soon. This is a pig & I am not "ill-informed".
The shares are priced at "bankruptcy" prices for a reason my friend. That's because it is so poorly managed that it IS close to bankruptcy. Can you spell "OILEXCO"? You seem to be excited about the possibility of doubling the price but double nothing is still nothing I'm afraid.
Bridge is essentially sitting on one well that's producing income (at reducing NG prices). The next well they drilled, at great expense, was a dud. That's it. End of story. One well. That's the entire company story in a nutshell. So what else have they done that's good for the shareholder?
Well, let's see......... they issue new shares all the time - now they're cheaper than candy bars. Actually five shares = 1 small candy bar. If the company ever does make a buck, it will be so diluted it won't matter. Believe they are now over 150 million shares floating around out there and who knows how many warrants (over 10 million I recall) - with more shares to come shortly. So, if they got real lucky some day and made $100 million let's say, it would still only represent a fraction of a $1 per share due to severe dilution.
Mgmt & Directors give themselves large stock options regularily; a reward for what we're not sure. Just plain bad management & poor business decisions everywhere you look on this one.
Their initial business strategy was to drill the North Sea & sell NG in Europe as the price is higher there than N.America. Now, without any shareholder input or communication; it appears the business plan has turned 360 degrees towards dryland drilling in Idaho. Apparently the Aspen & Trent fields (until recently these were the future of BUK) are for sale. Mega bucks have come and gone. Nobody has been held accountable.
A year ago and a bit - this stock sold for $1.25 - $1.50 and analysts, like Wellington West, told us that the rich North Sea reserves warranted a target price of $2.00 +. Today it closed at $0.215. I own other juniors that took a small bath or held their own during the recession and O&G price reductions; but nothing like this. If the original price targets were anywhere near accurate, then management is even worse than I believe they are.
So, if you believe this one is "an easy double" - then you should back the truck up and buy a million or two of BUK shares now. But you won't see me there. Good luck!