Chew on this valuation Bad for All...https://www.newswire.ca/en/releases/archive/June2010/02/c9437.html
"The Acquisition is expected to be completed on or about
July 2, 2010. Based on an independent reserves evaluation prepared by McDaniel & Associates Consultants Ltd. dated effective as of
March 31, 2010, transaction metrics for the Acquisition are approximately
$81,600 per flowing barrel of oil and
$28.83 proved plus probable per barrel in the ground".
There it is in black and white, cash on the barrelhead. You're only out to lunch by $24 a barrel and 2 years, bad for all (aka good for nothing).
If the oil flows from Black Mountain, who you gonna trust? Remember Kirkuk has been flowing for greater than 50 years. Quite the reserve life index for those Iraqi wells eh. Kind of mocks Bakken and Cardium reserve life indexes.
So go value that bad for all!
Call and raise.