Arcan Resources Ltd ARNBF

RE: Eric Nutball

[good40]

They aren't in a position to spend another $186 million on drilling,  as they did in 2011 and added only 1200 bopd to the yearly average or a potential 3000 bopd from exit rate to exit rate as nlr2 points out.  If they intend to stay on the same spending path,  they will have to raise more capital to equal 2011's capital expense and production growth. It is a tough go at $5million per well averaging only around 100 bopd first year.  I would suggest that they aren't in a position for takeover,  too much expense still in front of them.  Others here would suggest that they are,  but some, as in coorsman,  are promoting only to sell previously purchased shares.