RE:RE:Question for the Great Unwashed Masses...$2.20 to $2.50 no way!
Consider the position a year from now, GSA pumping probably well above the conservative volume estimates, the consensus recovering oil price ($80 to $90) gives Ithaca a forward PE for the year, 2017, of 1.5 times earnings (based on the current share price). Debt will have fallen significantly, deals have been done, more in the pipeline, the net asset position will have climbed signifciantly.
By mid next year, if left independent, Ithaca' share price is likely to be 5x the current level, and more like 10x by the end of 2017.
The institutional investors holding Ithaca are not the usual comatose bunch, if they have identified the value in Ithaca they are looking to out perform and can spot value. Given the forward prospects they won't let Ithaca go for under $3, they may be thinking more like $4 to $5 now with the pipeline, additional reserves and the eia's increasingly bullish outlook for the long term oil price.
Doug