By the time Stella comes on line Ithaca should have acquired enough production to be producing ~25,000 boepd and generating about $550 million in cash flow. They will likely still have very substantial tax credits in place to keep acquiring with as they still have severall hundred million dollars to spend on Stella development. So IMO they will either sell the company for $4.50 - $5.50 per share or use their robust cash flows to keep developing and acquiring.....in other words keep the ball rolling and continue to grow the company as they will be in an even greater position to do so than they now.
I do not know if spending $150 million per year on dividends would be a best use of capital (for a company like Ithaca) or return capital to shareholders through continued share price appreciation.
IF they get to the 25000 boepd level, then they are well positioned to get to the next level of growth through resource development and highly accretive acquisitions. They would have the capital and tax credits to do so. Here again, finding the right acquisitions will be a major key to creating shareholder value.
Sooner or later (hopefully sooner) this year there will be an announcement(s) of a business acquisition. If lain wants to accomplish one of his top four 2013 business priorities (that were likely approved by the BOD) it will happen.