They just sold 30% stake to Nexen for 735M dollars or $8.75 per share and when I called Nexen to tell them they overpaid, they said that this was a big discount (about 40%) of what phase one production only gives the company.

They are now sitting on 540M dollars in the kitty, have a market cap of 140M or so. Shorts have been covering for last 4 months. They have a hedging program in place for 2009 with a price of $76 per BOE. They had some early issues with ramp up of production at the new 4.3 Trillion dollar facility but these issues are mostly resolved now and they are increasing production. The potential here is 10 bags with minimal down side at this price.

Of course, do your DD!!!

Glorieux