check out CFW too. 43mmboe proved reserves against $98m in liabilities and only $28m market cap, so effectively <$3/boe for each reserve vs. average transaction prices since 2008 of low/mid teens per boe. Management has indicated they are shopping the company around and has hired Global Hunter and Canaccord. Check out my interview to be posted soon on SeekingAlpha's "just one stock".
2 comments:
check out CFW too. 43mmboe proved reserves against $98m in liabilities and only $28m market cap, so effectively <$3/boe for each reserve vs. average transaction prices since 2008 of low/mid teens per boe. Management has indicated they are shopping the company around and has hired Global Hunter and Canaccord. Check out my interview to be posted soon on SeekingAlpha's "just one stock".
(full disclosure: long CFW)
thanks for the blog! one of my favorites!
-Shaun Noll, CFA
Hi Shaun
Great input and will read the SeekingAlpha interview.
Sincere thanks for the compliment!
Best
John
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