smiroshn

Well below cash. If you notice the volatility in the US ADRs far outstrip that of the main listing, so often there's a significant spread between the ADRs and the latter. What I don't understand is what they plan to do from here. It also bothers me that insiders have kept selling all the way down. Agreed. They can do a couple of things - Complete the Polvo acquisition and just run that asset, while not spending any more cash on Solimoes or Namibia. Alternately, they should (and are trying to) sell the company. One of their major assets is the roughly $300MM in NOLs accumulated over the last two years, which would have a real value for a local acquiror. So, you buy for less than cash, get Polvo and the NOLs for free, and retain the free option on Solimoes and Namibia in case someone else does find something. ...Sounds good... unfortunately corporate A&D departments don't think the way people on this board do.

I've been watching HRT Oil & Gas (HRTPY, HRTP3) for some time. They are, at this point, a Graham style "cigar butt", trading way below cash on B/S. May take a position in the next few weeks.