Cash position I think getting
.75/share tax free is a great move by management.
Afterall, they have plenty of cash.
At the end of April, they had $48.5 millioin in cash, another $8.5 million in restricted cash plus $11.5 million in drilling equipment already bought which will reduce the cash burn on drilling.
On top of that, POE just rec'd $162 million in hard cash for a total cash position of about $220 million.
Remove $42 million for the divy, and another $25 million for the development/drilling program ( along with $11.5 million in drilling equipment ) for the remainder of the year, and POE will still have $153 ( $2.68/share ) million left over, plus any cash flows from oil production which I estimate to be about $15 million.
In other words, POE should exit 2012 with close to $3 per share in cash.
Plus any cash to be gained from the Sawn lake sale.