A Little Reality Check for the Board If my calculations are correct, since the announcement by PRE that they were going to make a major investment in CGX, that is more than they already had, there have been only 51.7 Million shares change hands, with a lot of that probably the penny players amusing themselves from day to day. With over 430Million shares outstanding at the time of the announcement, this trading represents about 13% of the outstanding shares. This means that for the most part, shareholders have held their stock and are willing to roll the dice with PRE.Lets assume that a lot of long termers were buyers of the sold stock.
For what it is worth, my opinion , with no direct knowledge of PRE's intention, would be that after the roll back, the stock goes over $2 plus or 20 cents currently as it is priced, then PRE exercises the wts they have from the recent issue. This will add about $60 million to the treasury which will be a great start for a JV on one big well. PRE has lots of cash and cash flow to get things going well.
As we enter the new trading month, I for one am looking forward the the next couple of years with this company and it's leadership. Go back and take a look at the PRE stock chart for inspiration.