The common offering is now 8 million shares. (That seems to be an improvement)
But the conv pref is now $100 million (that probably is not an improvement)
I think they will have to report "fully diluted" earnings on a whole new boatload of shares. This is a lot of dilution facing the common shareholders.
I hope PVA has settled its liquidity issues for at least the next few years and can start to generate really significant cash flow from the EF drilling program.
With natgas touchingh 3.60 and early-season cold weather, I think PVA can start to put out better hedges on the natgas production and maybe find a buyer for some of the currently unproductive natgas properties.
Despite my "whining," I do think PVA has a bright future but for us common holders it will be down the road a bit before we see the benefits of it.
(By the way, PVA did change the deal -- so maybe a little shareholder yelling can get things done)
Or was there not the demand for 12M shares? Looks like we may struggle for a day or two to keep above $5. The Q3 call will be interesting for Baird's rationale for all of this. This has certainly caused me to re-examine the cash needs of all my small and micro cap E&Ps.