Stock price when the opinion was issued
Just announced a $25 million financing. Was in a pretty strong financial position before this. Had expected them to exit 2012 with a net debt of about $30 million on a credit facility of about $50 million. Raising equity at this point allows them to accelerate their program. He is particularly excited about their Cardium position at Lockend. They’ve exceeded their type curve wells (?) and there is some additional upside down the road from a new Dunvegan oil play. Good potential from here.