RE: RE: cardium transaction Another way of looking at what AXL is worth is to look at the market valuation of some of the small Cardium exploration companies and compare them to AXL .
Spartan (STO) and Renegade (RPL) are two examples.
STO exited 2012 producing 1600 B/d 82% oil and liquids. 22M BOE in 2P reserves (87% oil/liquids)
with 73M sh O/S they currently trade at $4.50 and have a 10%NAV of $5.09 per share.
Of course adjustments need to be made for the fact they have no debt (W.C. surplus) , however AXL has
much higher production and many more Cardium HZ wells on production in addition to its other assets.
Based on STO's valuation we can expect much more than our current
.60 per share.
Vero (VRO) is another Cardium company that could be compared to AXL.
Vero recently sold all its gas assets and is now a pure Cardium player.