RE: RE: RE: RE: RE: Sellof will last a few days... After selling a lot of my holding into the hype of the buyout, it's nice to get this chance to get my shares back at a very reasonable price. Not buying it all back at once because it's a bit of a falling knife today, but one has to feel that any purchases in this price range will be pretty profitable long-term.
With Athena running, Ithaca should be worth in the $2.5-$3.25 range on a good day just based on current production. Obviously we're heading into the summer and today is not a 'good day.'
Without a buyout, and not factoring in future potential, I think there's a safe opportunity to buy now and start selling in that $2.5-$3.25 range. If you want to be a bit more aggressive and look further into the future, things should go higher.
Will we hit $1.70 or re-test 52 week lows? Who knows. But it's pretty safe to start buying a few now and see what happens. If we re-test 52 week lows that would be below $50,000 per flowing barrel based on current production, not even looking at future production potential.
With the money in the bank and the available credit, plus cashflow, this is a safe stock. Buy some up at a relatively good price and you'll be rewarded long-term without a doubt. Getting the low is always nice, but we're low enough right now that there's a lot of potential profit on the table. Upside is far greater than the potential downside.
Normally I wouldn't be a buyer in May, but I just had to buy some today. I sold enough around $3 that it' a no brainer to buy some back on a day like today.