RE:That's 14 out of the last 17 days that we are even or down!!Crow...you will not "eat Crow" on that statement. At the current Brent price and Stella coming on mid 2014, the company will generate over $1.2 billion over the next three years ($300M+$450+$450).
A suitor could easily use this free cash flow to turn the tables on Ithaca by using it to pay out Ithaca along with the $1.2 billion in tax credits (after GSA capital is included this year) in very short order.
At $3.50 the enterprise value at year end would be $1.72 billion. With the application of ~$1.2 billion in tax credits to the massive free cash flow, a suitor could pay for the equity acquisition cost ($1.3 billion) in about three years (and ~4 years including debt) and the rest of the cash flow and upside exploration and reserves life and development is their for free.