RE:RE:Goodbye Harvest... hello 6 plus bucks
Mickey.... in last presentation replay audio and John (ceo) mentions drilling a new well at Waskahigan for a farm in (this is on Encana lands) and not yet announced. Also during the presention he alludes to Grizzly showing similar 3d charachteristics to the Coquina at Ante Creek. They are putting down a test well at Grizzly using the new 3d seismic and have contracted the Excalibur 7 drilling rig for this purpose.
Doing the math $38 million for 300 boe/d and 1m boe booked reserves may seem expensive but taking into account the land value per acre I think it's a raging steal! Actually on a metric basis they paid POU $19m by todays share price for a lesser amount of lands and no production or reserves.
All WITHOUT DILUTION to existing shareholders!!!!!!!!!!!!!!!!!!!!!
Will ARC come knocking soon??? I hope not as this has lots of room to run in next couple of years.
GLA...