Engaged in exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast region.
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Fool UK
Recs
They are sitting on huge fields of gas and oil 6 miles into the earth
The acid test comes late this year. A successful flow test on Davy Jones # 1 puts this company on the map. Once they prove the ability to extract gas and oil from 25,000 feet and below, they can book the reserves, and become a takeover target. The 7.5 tcf at their 4 wells is just the begining of the acreage they hold. This alone is worth 50 -65 dollars a share according to the CFO. The potential is huge, the risk is $16.74. Seems worth the risk for potential 5 to 10 bagger, we will know by year end.