RE: Capex budget of $15M...... To me the numbers used in the presentation are very conservative. 2012 funds flow 5.7 million, produced 109,000 boed @ $60 is 6.54 million. 15% over estimates.
2013 funds flow 11.7 million. 620 x 365 =226,000 boed in 2013. I will use $60 for netbacks. 226,000 x $60 = $ 13.5 million a 16% increase over estimate. 4th Q netbacks were $68 boed so lets now use $65 netbacks for the year and funds flow increase to 14.7 million and a 25% over there 2013 estimates.. They are using $52 netbacks for there estimates. Some very positive news is coming and .45 is my guess after news is released.