oilgeezer,
Looking forward to January when we should find out more about the BC economics. Maybe some people need to see NRs like that to make it more real, to slowly get into the mind-set that this will actually be a producer. IMO, we takes that chances by getting in early, but what chances are we talking about? Red Kite hands them $35m to put BC into production; if they haven't done DD, then they shouldn't be in the business.
So I was pretty surprised that when that deal was announced it sells OFF from .40, like say what? But now that tax sell losses are done, and 2012 morphs into 2013, well production just one year later won't seem so far away. So in my humble opinion, this .345 close is peanuts in the scheme of things. Today's market cap count 153m x .345 = $53m. There are a lot of $300m cap companies that couldn't get a loan that big.
BTW, I've taken a position in PG in part based on the CEO's comment that they'll do $80m out of the gate from a Denver Forum Sept 2012 presentation. Maybe I don't have the latest but I don't see $80m cash flow out of the gate from that presentation! Furthermore there is nothing there that comes remotely close to the PAN. Like I said, I own it but I need to do some more DD.
Anyone check out Premier Royalty Corporation?
31Floors |
