We have watched this stock climb to over $12 late last year and into Q1 due to increasing investor interest in the Bakken oil play. LEG currently sits just over $6.00.

Q1 cash flow per share was 42 cents with 16,370 boe/day, of which 12,370 was light sweet crude. The average price realized was $90.48 for light, $82.26 for a small amount of heavy, and $2.72 mcf gas.

Legacy seems to be reorganizing, rolling some of its SE Saskatchewan assets into a shell named Bowood Energy (BWD) via a reverse takeover. They will fund the shell and receive 200 million shares out of 500 million which will be outstanding. BWD will then consolidate 20:1.

This plan was announced in mid May , which should enhance the share price of Legacy. We have no comment on the valuation of Bowood, which trades at a few pennies a share, and would have a market cap of about $30 million.