Ann: SFG Nissui Transaction Update, page-24

I'm not an oil man, Luke, but BAS has issues - their production is down, the only thing going for them is a higher oil price - and a tiny market capitalization. They have about $1mln cash on hand and quarterly expenses of about $1.2 million. Their annualized ROE is about -57% over the past five years, their return on assets are about the same. They're trading about 4 times book value, and are trading at about 500 times sales. BAS looks to me to be a turn around story, one the market doesn't find credible.