GREY:NOVUF - Post by User
Comment by
Byteson Feb 04, 2010 12:21am
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Post# 16750485
RE: RE: News Release
RE: RE: News ReleaseI also like that this new acquisition for only $9m ($17m in stock - $8 new working capital) increases their Viking drilling inventory by over 25%.
Their announcement coming within 30 days, regarding the production of the 6 wells drilled in December, is also expected to highlight their substantially reduced drill costs per well (far below Penn West's)!!
It appears, per this NR, that they are continuing to acquire property. Novus is acquiring all they can before there is nothing left to acquire - which won't be long.
"Novus will continue to grow through a targeted acquisition and consolidation strategy coupled with development and exploration drilling. Novus’ current financial position will allow for the exploitation of its drilling inventory and expansion of the Company’s opportunity suite through internally generated prospects and strategic light oil acquisitions. "
I can't imagine that this company will be around in a year. Well done again, Novus.