Sounds like Bakkan and Niobara will drill a little earlier than previously forecasted.
Cash flow of $16.5 million a little less than I hoped for, was hoping for $20 mil area. Equals about 29 cents per share based on 55.7 mil shares outstanding (don't be misled by the "average" shares outstanding).
Debt now at $340 mil, about as expected. Nothing due short term, that is good.
Nice hedges in place for the rest of '11 and all of '12, and even some of '13. Looks like '11 and '12 about 65-70% hedged.
Cash of $77 mil earmarked for DRILL DRILL DRILL!!!!!!
I am an ex-banker and have been following this stock for about 6 months. When you are forecating to be cash flow positive nearly 2 years into the future, that is not a good thing. A bank would be looking to exit this relationship as fast as possible unless a suitable buyer was in place to take over the operation. I am not a buyer here as this could easily retest the all-time lows. They have a miriad of issues to resolve andm coupled with a slowing economy, the stock is going to probably be range bound under $5.00 for the forseeable future. May be a good stock to buy a small amount of shares and hope for a buyout at some point.