RE: Excellent news...All in all this has been a good up round of financing for both PXM and BUK. These are different companies, with different assets, with different shareholder and institutional base to some degree, thus very difficult to compare assets and valuations, however, one thing is very clear, both are committed to developing the IDAHO project!!!
They have had excellent success thus far and are clearly moving towards bringing wells to production in the 3rd QTR of this year. I think it will be some time before we fully understand how big this can be, however, several cards have been played and it is becoming more clear as to how the game is going to be played (the game plan is very, very important, this is NO longer a wild cat drill play!). Sure there will be trading, but I suspect the brokerage involved in both the PXM and BUK financing, along with shareholders, will certainly support this play going forward (if you put your money in at
.50, I certainly you are hoping and would expect returns in the 2 to 5 times money).
In my opinion, timing couldn't be more perfect, already half the way through May, and the summer and fall will be here before you know it. They have yet to report production tests from the second successful well, and then there are two more wells to be tested. With money in hand, I wouldn't be surprised to see more rigs on the site, and moving sooner than later bringing the first well to production and market.