Arcan Resources Ltd ARNBF

RE: good40

[good40]

Here's my angle,  I look for overpriced stocks.  My numbers are provided by public documents published by the company.  My record over the last couple of years includes Oilexco,  Xcite Energy, Vast Energy, Longford Energy and WesternZagros.

 

At the very best,  the price of this stock is ahead of itself,  until proven that operations can be paid for internally.  The numbers don't fit,  so something has to change.  In 2010 they averaged 2300 bopd,  they spent $225 million in 2011 with $186 million allocated for drilling and well costs while increasing production average to only 3500 bopd. They've stated that each well costs near $5 million.  How many wells did they drill last year and place on production,  to add only 1200 bopd ?   How long could that continue ?