RE:OK Roadster you have convinced me,..They do serve a purpose
Best use of cash on hand:
1) Share buy back. Absolutely, as this raises investor confidence.
2) Buy Baraka's 25% interest in EP127 and 128. Baraka's on the hook from for about 6M$, and they can't afford it, they've already publicly said they will not pay it. So, Statoil obviously sees potential on those lands, that's where their targets are, PFC has 8M$ on hand- buy the promisingland and increase their net interest in the basin.
The reason we are not at 1$ is simple- we have no oil flow. Look at the company that's doing the promotional roadshow with PFC this week- Madalena Energy- 250M$ market cap, less cash on hand than PFC, and a way smaller land position (a couple 100 thousand acres) BUT, but they produce 1000 ish boe/ day. PFC has them beat on every count, more money in the bank, bigger land position, bigger JV partner, except the oil. I think looking at their market cap could give us an idea of where we could be if Statoil can get oil flowing. 10-12X our current valuation. I'm hoping that Madalena indirectly makes a good case for PFC at these shows- just seeing how low PFC market cap is vs. Madalena and what potential PFC has to be bigger than Madalena, I hope that would attract some people.
And hey, let's keep things in perspective here- the SP is going up, albeit slowly. We can all wait a little longer, we've been waiting a long time. And PFC has the #1 Oil and gas exploration company in the world as a partner paying 100% of the cost of exploration and drilling. regardless of what management is or is not doing, that is HUGE. That is one of the best JVs in the oil and gas exploration industry.