Whiting interested in AXAS?

[RTaber1]

I just read that Whiting Petroleum is interested to acquire AXAS, the same stock trading now about 27 cents? Is this idea credible? That is your Fair Value estimate for AXAS?

[RTaber1]

Their credit facility is about $225 million and they have drawn about $175 million and are paying interest of between 4% to 5%. Would LONE be willing to acquire an equity infusion
to pay off their debt and work only with cash flow for drilling? No debt and a strong cash flow might even lead to the declaration of a dividend similar to EPM which is now #1 Strong
Buy rating by Zack's Equity Research and said to meet Peter Lynch's value standards.

[dan_s]

Just call Frank Bracken at Lonestar. I heard that he was interested in converting debt equity.

I think Whiting is in Chapter 11, but I don't follow it closely. I don't follow AXAS.