I don't know why anyone is excited about the stock. The bond market isn't excited. Meanwhile, the operating results don't look good either,
"In the third quarter of 2012, the Company achieved an average oil production of 579 Bbls/d. Crude oil production for the third quarter 2012 was 53,305 Bbls, a decrease of 17% over the second quarter of 2012. The quarter-over-quarter decrease is a result of a delay in new Bakken wells coming on line and ongoing drilling operations within our Bakken leaseholds."Hmmm... "delay in new Bakken wells coming on line". Does that sound like wells with decline rates so high that they have to constantly drill new ones in order to maintain production?
By the way, they confirmed on the call (in response to a persistent questioner) that the "initial production" rates that they quote are not 24 hour rates but the peak 1 hour of production multiplied by 24. And they are barrels of oil equivalent (including natural gas which may be flared) and not necessarily barrels of oil. So, an "IP" of 3500 could mean 100 barrels of actual oil flowed for an hour, and it was all downhill from there.