liftoff, 500boe/d 90% oil it means they have about 450boe/d steady oil production (and cash flow), plus another 250boe/d nat gas (50boe/d from existing wells and 200boe/d to be restarted) ... 

near term they will drill in Nov the low risk wells from Kirkpatrick property and in Dec in the JV land ...

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IN MY OPINION ONLY ...by the end of Dec 2012, they should have 1000 - 1200boe/d production with 85% to 90% oil  ...  given these prospects I think ARW is undervalued and low .40s is a good buying opportunity ...  do your DD or call the company ... good luck!