small driller worth watching

Big six-rig contract recently confirmed, they say they are hopeful of some additional contracts being secured this month.

Mkt cap of about $8 million (was about $50 million at its peak), only some HP debt. Very leveraged to recovery in drilling sector (only half there rigs current contracted out), but seeme to have weathered the most severe period of the downturn. Next six months should see if they can successfully restablish ongoing profitable contracts.

I bought about 600k at average of 4c during last few months.

angus