On my radar Looking at the reasonable balance sheet (decent room on the LOC), fully funded 2012 capx, production numbers, etc WFE looks like it should be trading much higher. Based on production, $7 sounds like a very reasonable target.
Good netbacks, great land position, company is 'for sale' - so what's holding the stock price down?
The 2010 2P reserves and NPV possibly? EPS? Those are the numbers that seem to indicate that $5 is more reasonable than $7.
2011 reserves should be out soon, which I would think should be very positive.. But to justify a big share price increase, the 2P reserves really need to be good.
Still on the fence, partly because I'm wondering how much of my Ithaca I should be selling, if I should be waiting for their own buyout which is supposedly coming (ala WFE) and where I'm going to re deploy the profits.
WFE looks tempting though, mainly because of the production. 9750 boepd for a market cap of under 500 mill? Really makes it sound cheap when you look at that.