RE:Where Is The News..?
Something could very well be in the works for RE. With 42.5 million fully diluted shares out RE has a market cap at $99 million ($2.33 a share). Year end debt set to go to $18 million. Total enterprise value is thus $117 million. Based on 3600 boe/d production a valuation of $32,780 per flowing boe. The Mantario netbacks of $28 is solid. I don't see share price going lower if the next round of wells rumored to be excellent (Mantario? Onward? Both?) and pushing production to close to 4000 boe/d is announced plus a nice tax pool. From there news could be on hand: a land or asset purchase, increased reserves, a merger, a buyout or becoming a dividend payer. With such little debt the options are many.