RE: RE: RE: Interesting Production Update LVL is trading up on the back of a JV signed between Devon and a Japanese company on land near our Mitchell Ranch acreage (Cline Shale). JV valued the land at $7,200 / acre making our 33,000 net acres worth $235MM or $1.60/share. This excludes our Wolfberry acreage and 900+ boe/day production levels which in itself is worth $1.50 per share IMO.
Bottomline - this is still way too cheap on any metric you want to use. With an active drill program for the balance of 2012, a robust production growth profile, and a resource estimate expected to further demonstrate our wolfberry acreage value, I think this move is just beginning in my opinion. Of course I have thought that for over a year and have been pretty much talking to myself on this board with the except of Ureka who seems to have moved on. Hope I wind up being right in the end as $2 - $3 would be a nice payday in what can only be described as the most pathetic TSX-V I have ever been apart of.
Zad