Unique time to buybackNormally, I hate buybacks. However at the current time I think one is the ideal use of cash. The basic thesis of investing in this company is that having secured a carry, there are a few catalysts that should, as Gil says become a "company maker". That implies a SP far above $.17 USD. As things sit ECO should have have more cash than overhead and any liabilies by a large multiple. This company has two ways of securing future cash; they either farm down existing assets or issue stock. As we wait for farm-downs yet are awash in cash that is not going to be deployed soon why not buy back stock? Say they buy back $750,000 so 4.4 million shares, the run up of drilling tends to make the SP double. The logic being buy back 4.4 mil for $750k then reissue that at $.34 a share or more. I don't think any of us are holding on to this stock expecting a dividend. To me it seems like the right time given we are cash flush and undervalued given future events.
My 2 cents