An independent oil and natural gas company engaged in the acquisition, development, exploitation, exploration and production of oil and natural gas properties, in Texas, Louisiana and Oklahoma.
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way to cheap...esp. for a company that projects to be pumping 30K+ barrels per day with lower than industry avg debt levels....and Floyd Wilson at the helm.
I agree this is way too cheap!
Looks to me like the recent decline in the price might be because of the acquisition of GEOI which may occur as early as this week.
The acquisition agreement calls for a purchase price of $20 cash per share plus 1.932 shares of HK stock.
Todays price of GEOI is approx $33.21. At a price of $6.895 per share of HK the value of the acquisition to GEOI shareholders is $33.32 ($20.00 plus 1.932 x $6.895) which is in balance with the share price of GEOI today.
Shareholders of GEOI could have been shorting HK to lock in the higher value when the acquisition agreement was signed.
Does my thinking make sense?