RE:After StellaGood question Tommy.
Of course one would have to presume that they have a strategic plan to get t the next level, but you and I will only find out what it is when it is being executed. If we generalize for a moment, we know that if commodity prices hold up and Stella is executed on plan, the company will generate well over a billion dollars of FREE cash flow in the three years after the Stella start up. By the end of 2015 they will have zero debt and likely close to $400 million in cash on hand. Ithaca will begin to deplete reserves quicker once they are producing 25000 bbls per day. They are not explorers so they will likely be identifying highly accretive reserves and production plays that will allow them to ensure that they are increasing shareholder value on a NAV per share basis. There are not shortage of distressed assets and companies it will be able to acquire in an accretive fashion. So the good news it that they will have a very strong war chest of over $1 billion (between cash and available debt) to grow through acquisition.
So you can definitely expect the company to make acquisitions. However if the company is going to growing its NAV PER SHARE the acquisitions will have to be highly accretive. It makes perfect sense as has been discussed that they acquire Antrim.
The company will grow by acquisition and it is just a matter of timing. I could very easily see this company growing to 40,000 to 50,000 BOEPD by mid to late 2015. They will have the financial measn to do so and the need to replace reserves.