I think their production is still north of 150. Q1 came in at 152/day and management advised that this was an anomoly. I think Q2 will be over that mark again and they will revise production estimates upward for the second half of the year. Also expect to see divestiture of some of their less productive fields coupled with acquisitions of new fields in conjunction with a settlement with Calpine. With production likely already exceeding estimates, favorable gas and oil commodities pricing, a solid hedge program in place, the Calpine case drawing close to conclusion, and MD&A opportunities supported by a balance sheet with capacity, this little E&P company is ready to explode! Oh, did I mention they are trading around 30% below industry average multiples? This stock is a nice, cheap gift from God himself!
