RE: oversold? Angle got beaten with all the other gas producers. Panic selling on news regarding continued low NG prices.
On the other had, with specifics to the bought equity deal, Angle is expected to spend $65 million to drill 20 Cardium oil wells in 2012. It appears from the result on their first well, this play could be significant. This oil play is in addition to the stunning Manneville NGL play already in progress and budgeted.
The new Cardium oil play (water frac) has been forcasted to add $3.67/shr with NPV 10% $292.6 million in 2012.. This share return should well exceed the equity dilution, according to Angle's forcast.
See slide #15 of Angle's updated presentation on their web for details.
The Year-end and an Ops update is expected from Angle any minute from now?