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Bison as a trust??

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By largeinvest

Posted: Friday Feb 18 9:48:24AM 2005

My possible scenario They COULD convert when production is steady at 4000 BOPD which will happen in 2006, and as a bonus they could spinout the gas play as an exploreco. At those levels Bison should have free cashflow of about $3.50. Assuming they retain $15,000,000 (30 wells a year) for development drilling each year and distribute the rest (66%), They could give out $2.31 in cash. At the current price of $7.10 that would be a yield of 32%. RLI should be around 6-9 years once reserves get re-classified by the engineers. Then it just gets better. We could have exploreco shares as well as continued capital gains. For example assuming a yield of 18% upon conversion which is highly conservative, the price could be $2.31/.18 = $12.83 This is just my opinion based on forward looking statements which could change. Always do your own research.

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