I did the numbers on STF so probably BEA is double. Right now there is approximately 37, 254,000 shares issued at this time. Based upon a full exercise of the rights now and the next two warants the results would be as follows:
Shares Additional Value
Today 37,254,000 0
March 31/98 5,322,009 $1,862,700
May 29, 1998 2,661,004 $3,991,500
July 31, 1998 1,330,502 $3,991,500
Totals 46,567,581 $9,845,700
If this represents the same percentage interest in the upcoming wells, this would represent a very significant drilling program, I think. As I said, I am going to check the details if I can re future drilling rights. To others, isn't this offering a little odd in that the exercise time is very short and at a very significant premium to todays value. I have not seen anything like it.
Regards TommyD
P.S. Sorry about the format. When I type it on the screen, it shows up in columns but not when it is converted to the screen. |
