It has already struck major deals this year, which have shifted the dial. One is a joint venture agreement with Transerv Energy's subsidiary Salt Bush, which allows it to drill multiple wells in the rest of the year.
The other was the $4 million investment from Evenergy at 48 cents a share, which will accelerate the junior's exploration, development and acquisition projects in 2017.
Evenergy is a subsidiary of Zhongcheng Group - one of the largest private petroleum refinery, oil products and LPG distribution and retail companies in China.
What and where are the assets..?
Point Loma has over 160,000 net acres concentrated in west central Alberta. They lie in what's called the Mannville Trend, where it has an established an inventory of more than 400 potential horizontal well sites.
It is worth noting that Mannville horizontal wells are highly economic even at low crude prices with IRR (internal rate of return) of between 50% and 70%.
A positive latest quarter...
In the last three month quarter (second) PLX posted a profit of C$421,000 on revenues of C$980,000, helped by a C$1.7mln gain on the disposal of assets.
That compared with a loss of C$1.75mln on zero revenues in the same period of 2016.
In terms of barrels of oil equivalent (boe) per day produced, the total for the quarter to end June was 566.
Fully funded and poised for work..
Point Loma is aiming to spend around $3.5 million in the third quarter of 2017 (to end September) to include drilling two development wells, each of which could add between 150 and 250 boe/d.
One of those is the planned new Mannville development horizontal well within its Paddle River asset. The firm will also reactivate the 12-4 well in the same pool.
Drilled in 2013, the 12-4 well is tied into the group's network but has not yet produced due to facility constraints.
Notably, with the reactivation of the Paddle River gas plant, the group could add net production volumes of over 650 boe/d with little or no risk.
The group is looking to reactivate about 16 wells in the Paddle River area which is expected to add around 2.0 mmcf/d (net) - millions of cubic feet per day - of natural gas plus associated liquids.
At the group's Thornbury asset area, it plans to re-connect and optimize facilities that could add net production of 1.5 mmcf/d, or 250 boe/d through company operated infrastructure.
A doubling of production, reckons broker Mackie
Mackie analyst Bill Newman estimates that the net 'behind pipe volumes' in the greater Paddle River area is between 650 and 750 boe/d, while the two well development drilling program in September could add 250 to 400 boe/d for a total combined production additions of 900 to 1,150 boe/d.
"We expect a rerating of the stock as the company builds production in H2/17," he says.
The broker repeats a 'buy' rating and targets $1.10 for the shares - not that far off three times' where they are now at 32 cents.