Financial questions?Bank debt was reduced from $107M to zero as of mid-Oct, they had $24M in Cash but as of Nov1st, they started drilling. I would say they are burning $2.5M per month on the drilling program, so cash is deminished to $21M as of now but there is a line of credit of $28M in place. Current production is 2200 BOED and they are saying they will exit 2014 with 2600 BOED. I think they are ultra conservative for the 2014 forecast. If they meet their production target only and Mr. Market does not give them a market multiple for being in the Cardium play. This stock should be around $0.22/share conservatively. If Mr.Market becomes a little more generous, North of $0.30 can be easily achieved. I think management worked extremely hard to get this company back on its feet and now they will start reaping the benefit of a well deserved success. I think it is obvious, I am in this one for the long run because the fun part is just starting. I would appreciate comments and please do your due dilligence on this one.
Thank you
Fearless