As someone who bought this at 40 cents, road it up to $2.30 and all the way back down without selling a share I have seen my share of "mights and maybes."
However, the news release under GREAT NEWS says it all. Arc Energy is mobilized and ready to continure drilling after completing the first successful hole. "what happens if they don't drill" you ask? Not a chance. POP gets the property back getting 100% of all future results instead of 30-40%. A numbers guy, in the field, who I respect says that this is north of $2 easily IF they continue to get the same results on the rest of the J10 property. And we haven't looked at the rest of the properties. There isn't a sweeter sound than hearing the words "free cash flow" and that is exactly the positon that POP is in. Arc has said they will spend up to $25 mill in drilling without this diluting one share of POP's stock. If you take your time and really analyze the capabilities at each property- pro and con- it is really difficult to see much in the way of downside risk with this. Another couple of wells from Arc and thoughts of a 30 something stock will be a distant memory.