RE: What's next? good management team and this is very important, large land base and lots of oily targets.
new oil battery will lower op costs and from what I have read they were planning on drilling 4 oil wells in q4 and this will help with lower cashflows.
they ahve lots of land and I'm sure they can sell some non-core assets to lwoer debt a little and then re-direct into more drills in q1-2013.
higher NG prices will also help with hihger CF's in 2013.
I don't see any takeover at current levels and with a 2.20 NAV, they are trading at very low valuaitons but in this market nobody is willing to invest big bucks and they are too small for the brokers to play with, but I do see a brighter future at some point in 2013 and having the stock go back into the 0.50 or even 0.60's is not out of the realm of possbilities especially if they get some nice results in q4.
they also have some nice NG liquids plays when the timing is right or they can sell them also to raise cash and continue to drill their oil prone lands.
I don't see a lot of downside from mid 0.30 and there appears to be 3 house that are buying most of the shares, and maybe they know something the rest of us don't?
again you invest in management and they have a very good track record and they are well connected in the patch.
DYODD