as of 3/30/13 reporting date indicates insitutional holdings increased by approx. 412,000 shares (an increase of approx. 38% over the previous Qtr.) While still away from where I would prefer to see institutional activity, at least its going in the right direction. If 2nd Qtr results show "profitability" together with Koko's production coming on line, and any favorable news on N/S Rangely, we should see increased institutional buying activity.
RB, what source are you using? Nasdaq is showing Ownership Analysis # of Holders Shares
Total Shares Held: 18 1,120,669
New Positions: 1 2,000
Increased Positions: 3 44,962
Decreased Positions: 6 42,931
Holders With Activity: 9 87,893
Sold Out Positions: 4 38,411
While I will not rule out any material developments at North or South Rangely for 2013, it would surprise me to see any further movement with either play in 2013. Possible, but unlikely.
I think management will do everything in its power at this point to prove up its acreage at Roan Creek and Kokopelli via a horizontal, which has to happen by way of a JV. I think a HZ at Kokopelli and Roan Creek (which will be done anyway due to the farmout with WPX Energy) over the next 12 months is far more likely than any further drilling action at North Rangely or South Rangely.