RE: Nova Bancorp Would also note that Novabancorp has hung its hat fully on the 2P value assigned by the McDaniel report.
There are very few transactions done these days where the full 2P reserve value is realized. I would suggest that property sales, in particular, would yield far less on a cash basis that 2P.
As for management, the success of Mr. Buchanan in operations prior to CHX outstrips that of Mr. Woods. With a higher quality of assets inside the merged corporate entity, I would suggest that Mr. Buchanan and his crew could do much better go forward than those currently (and Mr. Woods, too!) at PCE.
While I may question the sustainability of the proposed dividend, I have no doubt that, with the plethora of stranded juniors, adding further players under the Spyglass umbrella (more paper deals) might positively impact the ability to keep it going.