Post by
Newsy99 on Oct 18, 2013 12:04pm
Value
Um, there were a number of bidders on the assets. But they had the best, non conditional bid.
Pin respect of value, they are producing close to 300 boe. In the 50,000 to 100,000 per flowing well range, that would give you a share price of right where we are today. That means you get a free call option on management - which is pretty good knowing what they did with Spry and Petrus.
Comment by
trader129 on Oct 18, 2013 12:42pm
the bids are all available in the the bankruptcy filing. PFI bought the debt --- so they were first in line. The wells were shut in and they should get some production now that they can be put on stream. so seems pretty average and average get you sub 50k/per flowing. especially since its heavy and has Gas. petrus has not done great since it was initially focused on gas