Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
yes I did miss that. thanks for posting. loss my ass on this one
ATLS management is owned by atlas. also atlas has rights with titan energy. and atlas has no debt any more. twist it and turn it any way you want. no bankruptcy
read again the loan company got 80 percent. let me draw you a picture. 80 from 100 = 20 percent of assets.
they own 80 percent and no debt. you can twist any way you want so sad ,
wrong Atlas Energy Group, LLC still owns 20 percent in the subsidiary which will probably be a separate company now. and there no debt now the subsidiary has it now. that means atlas enery group will get 20 percent of the profits. and will be debt free. unit holders could get dividens and the company could raise money in the future. also where this bankruptcy you where saying was going to happen. you screwed up on this one.
looks like the lending company that had all the loans took over. traded the debt for the company. got rid of the old board and put a new board of directors. also hired two new companies. one to file all sec reports and a investor relations to call for investors. now we can call and talk to some one. also a company in oil business to run the company. https://www.sec.gov/Archives/edgar/data/1572702/000119312520132515/d923443d8k.htm
xrp will explode sooner or later. where just in bear market. I am also playing zen coin only 8 min coins. and this just out. https://decrypt.co/15348/horizen-the-blockchain-of-blockchains-that-wants-ethereums-throne
listen at 3:50, very interesting.
this was released june 5 by atlas subsidiary. look's like the new ceo has got the banks to give the money not only to drill the wells, but also do some acquisitions. https://www.sec.gov/Archives/edgar/data/1572702/000119312519165668/d758570dex991.htm
AGP Call Transcript June 5th, 2019
John Hanna
Good morning everyone, this is John Hanna speaking. As the newest member of the Atlas Growth Partners team having joined the company as President in August of last year, I want to welcome everyone to the call. Joining me today from the company are Jeff Slotterback, our Chief Financial Officer, and Chris Walker, our Chief Operating Officer. The Board brought me on to supplement Jeff and Chris’ tremendous experience given my oil and gas investment banking experience originating and executing mergers and acquisitions for hundreds of energy companies. As we will discuss shortly, we believe there are two paths that will be pursued. First, we are looking to acquire producing properties that are accretive to the company and second are focusing on our drilling opportunities, both on the attractive undeveloped locations we own today as well as external properties. We believe that our plans to grow the partnership are highly tenable in a finite amount of time.
As we get started, I would like to remind everyone that during this conference call we will make certain forward-looking statements, and in this context forward-looking statements address our expected future business and financial performance and financial condition and other related matters, and often are identified by words such as expects, anticipates, and similar words or phrases. Forward-looking statements by their nature address matters that are uncertain and are subject to certain risks, which could cause actual results to differ materially from those projected in the forward-looking statements. We discuss these risks in our most recent quarterly report on Form 10-Q and our annual report on Form 10-K for 2018.
I would also like to caution you not to place any undue reliance on these forward-looking statements, which reflect management’s belief only as of the date hereof. The Partnership undertakes no obligation to publically update its forward-looking statements or to publically release the results of any revisions to any forward-looking statements and that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
It is our goal for this call to give our various stakeholders an opportunity to better understand our assets and related operational and financial performance as well as to discuss our strategic plan for the future. Accordingly, I would like to provide the context behind our decision to host this conference call. We have filed financial statements with the SEC every quarter since shortly after the completion of the Cinco acquisition 4+ years ago that summarize our operating performance. While our Investor Services team continues to receive a number of inquiries, this conference call forum provides all stakeholders with the same commentary at the same time.
So as I reflect on the past nine months, we have accomplished the important near-term goals created in conjunction with our Board when I joined, namely putting in place a plan to potentially drill our inventory of wells in addition to establishing a framework for the types of acquisitions we should be analyzing. Both our internal and external growth strategies will require incremental capital. Accordingly, we have met with over 30 banks and other financing sources to source the capital necessary for drilling on our acreage and the over 50 acquisitions we have reviewed. Based on those discussions, we remain guardedly optimistic that we will be able to accomplish one or both of these strategic objectives. Despite the continued volatility in the energy markets and prolonged investor disdain for energy public equities, we are seeing an enhanced volume of attractive acquisitions that is mostly being driven by a combination of portfolio optimization activities where certain assets are deemed non-core as well as forced asset sales from distressed companies that were not as fortunate as us in terms of balance sheet flexibility.
I will now turn it over to Chris Walker, our COO, to review our assets and operational performance, then Jeff Slotterback, our CFO, will review some of our key financial metrics before I conclude with a discussion around our broader strategy and future expectations.
Chris Walker
Thanks John. As a reminder, the overwhelming majority of the Partnership’s assets are situated in the black oil window of the Eagle Ford shale in Atascosa County. We acquired the undeveloped acreage in a transaction at the end of 2014, right before the industry entered a multi-year downturn that saw oil prices fall by 70%. After closing the acquisition, we immediately deployed additional capital to develop the position by completing 10 horizontal wells that had been drilled but not completed by the seller. The combination of the timing associated with both the acquisition as well as the lack of recovery in commodity prices during the initial flush production period from the new wells has put us in the position we are in today where the company has to rely on additional drilling or acquisitions to grow and re-initiate a dividend beyond the $25 million already paid. But despite this broader market backdrop, we have remained active, drilling and completing one well in 2018 called the Skeeter 4-H. The Skeeter 4-H well has performed in-line with our expectations and has produced gross total 70,000 barrels of oil equivalent to date of which 93% is oil. The success of this well gives us confidence that our remaining inventory of locations will drive strong value to the partnership if we drill them. Including the contribution from the Skeeter 4-H as well as the other 10 Eagle Ford horizontal wells and 2 small non-operated wells owned by the partnership in Oklahoma, our fiscal year 2018 and Q1 2019 production averaged 504 and 431 boe/d, respectively with roughly 80% of that being oil.
Our Eagle Ford position of approximately 2,800 contiguous net acres allows us to drill extra-long lateral length wells that yield better economics than shorter length horizontal wells. Specifically, we estimate that we have 12 undeveloped locations that can be drilled at single-well economics that range between 30-50% IRRs based on today’s commodity prices. Of those 12 locations, 7 of them average 13,000 feet of lateral length. The expected capital required to drill these 7 locations is between $50 and $60 million. The average payback on these 7 wells ranges from 1.2 to 1.5 years depending on certain assumptions around the amount of capital per well, operating expenses and commodity prices. Cumulatively, we would expect these wells to generate between $50 to $60 million of contribution margin (net of the capital to drill) over the economic life of the wells.
Our operating team has drilled and/or completed 27 horizontal wells in our Eagle Ford area and an additional 150 in the broader South Texas region. As a result, we feel that our working knowledge of the Eagle Ford shale, both in close proximity to our acreage as well as in other parts of the play, is a core strength that can be used to grow the partnership, whether thru the organic drilling of our remaining inventory of undrilled locations or thru acquisitions.
With that, I will hand it off to Jeff.
Jeff Slotterback
Thanks Chris. I will begin by discussing our latest balance sheet, our 2019 financial outlook and our reserve metrics. As of our March 31st 2019 quarter that just recently closed, we have nearly $4 million of cash, $27 million of assets and no debt. For 2019, we expect to be roughly breakeven to slightly positive for cash flow generation and thus we expect to end the year approximately where we reside with a $4mm cash balance. These monies are earmarked for the execution of our growth strategy. While our strategic plan is not one that assumes no drilling or acquisition activity, the cash balance estimate is based on an outlook consistent with current commodity strip prices and does not include any incremental production
from drilling any of our inventory wells or acquiring any assets. While we are happy with our decision to have never taken on any debt, we fully recognize that it is not really an investment highlight—but it is a critically important component of our growth strategy in that both of our growth avenues require external capital and having no debt gives us more capacity to source that new capital in a flexible manner.
And, while we do not publish reserve metrics in our quarterly filings, we do include them in our annual filings, the most recent of which for 2018 was filed on April 16. In that filing, we published an SEC PV-10 metric of $51.7 million, of which approximately 30% related to proved developed reserves, which come from the wells that are already producing and 70% which come from undeveloped reserves from our 12 undrilled locations. The underlying commodity pricing for this metric and the corresponding table as calculated pursuant to the SEC’s rules is based on the average monthly pricing for 2018 held flat for the forecast period cash flows which are then discounted at a 10% discount rate. The commodity prices used were: $65.56 per barrel for crude oil, $25.57per barrel for ngls and $3.10 per mmbtu for gas.
Although PV-10 is an informative number in the context of the cash flows we would receive from using new capital to drill our undeveloped locations, I want to be clear that it is not necessarily reflective of a value achievable in a sale of the partnership or its assets. I will now turn the call over to John so he can expand upon this as well as our strategic objectives.
John Hanna
Thanks Jeff. Right now, there is a severe dislocation in the broader public equity markets that has created a potentially buyer-friendly M&A market dominated by private capital. Essentially what is happening is that the sellers who choose to sell in today’s market (for whatever reason whether portfolio optimization, financial distress or profit taking even) are receiving prices from buyers that are materially less than they would have received as recently as last fall. The way this trend has translated into practice is that buyers are not willing to pay for any undeveloped potential unless the asset is of the highest quality/certainty. This deeply distressed environment is an opportunity for buyers with track records such as ourselves to deploy operational expertise to extract the value from the cash flows, provided the capital is available.
Obviously, given the above dynamic plus our long history in the energy markets, we would prefer to be buyers and not sellers in today’s market. We believe we can be successful in acquiring attractive assets at attractive prices. We would now like to set a timeline and framework for when we expect to execute on a successful acquisition and/or drilling plan for our existing inventory. If we cannot begin the process of growing the partnership in the next 12 months, we will begin to evaluate a liquidation or monetization at some point in mid-2020. We certainly appreciate that many investors may want to monetize or liquidate the partnership sooner but we want to prove to our stakeholders that the optionality associated with generating additional value is a better alternative.
In conclusion, our management team and Board of Directors, which includes 3 independent directors, are trying to accomplish these goals with an eye towards speed and most importantly value creation. In most instances, if we are successful in our goal of maximizing the value of the partnership, we would anticipate that a restarting of the dividend will follow. We cannot promise that we will be successful in executing either strategy but we have now set a timeline to achieve these goals. We intend to evaluate the reception from this call in determining whether or not to host future similar conference calls. With that, I would like to thank everyone for joining us today and we look forward to continuing an open dialogue. We greatly appreciate the continued patience given the difficult commodity environment we have been in since late 2014 and we will make sure to reciprocate with additional communication as appropriate. Thank you.
Jeffrey M. Slotterback
Chief Financial Officer of both atls and tten. titan energy just applied for three drilling permits in eagle ford. there where issued feb,15, 2019
atlas owns symbol tten
A 2% preferred membership interest in Titan Energy, LLC (“Titan”), an independent developer and producer of natural gas, crude oil and NGL with operations in basins across the United States. Titan Energy Management, LLC, our wholly owned subsidiary (“Titan Management”), holds the Series A Preferred Share of Titan, which entitles us to receive 2% of the aggregate of distributions paid to shareholders (as if we held 2% of Titan’s members’ equity, subject to potential dilution in the event of future equity interests) and to appoint four of seven directors.
thou this article is not about atls, there some good news on brake even prices and why eagle ford oil brings top dollar. https://seekingalpha.com/article/4233659-encana-running-well-locations-eagle-ford
looks like xrp ready to move up. also you can get Apollo APL at this exchange https://www.bitmart.com/
1MANDBAND STATES REVENUES ARE DOWN.. would you show me where revenues for the current quarter compared to last year quarter where down ??
it's called end of the year tax selling. selling there losses to off set there gains. lot people made good amount of money this year.
ATLS NEWS 3rd quarter results out tonight. .24cent profit and big increase in revenues. first profit in several years. LOW FLOAT AND OUTSTANDING shares. trades at .o36 a share. link https://ih.advfn.com/p.php?pid=nmona&article=78722130
ATLS NEWS 3rd quarter results out tonight. .24cent profit and big increase in revenues. first profit in several years. LOW FLOAT AND OUTSTANDING shares. trades at .o36 a share. link https://ih.advfn.com/p.php?pid=nmona&article=78722130
NEWS 3rd quarter results out tonight. .24cent profit and big increase in revenues. first profit in several years. link https://ih.advfn.com/p.php?pid=nmona&article=78722130
first time profitable in years.. https://ih.advfn.com/p.php?pid=nmona&article=78722130
.24 cent profit and revenues way up. just out tonight. new well that came on line in may increased revenues. https://ih.advfn.com/p.php?pid=nmona&article=78722130
.24 cent profit and revenues almost doubled. quarter report just out.. link https://ih.advfn.com/p.php?pid=nmona&article=78722130
your welcome
[[[ here a update to AGP unit holders that was put out at the end of 2017. they have 25 more wells to drill and plan on drilling more.. wonder if there drilling any right now...]]]
To the Unitholders of Atlas Growth Partners, L.P. (“AGP”):
While we work diligently to finalize the AGP 2017 Annual Report including Audited Financials and Reserve Report, we wanted to provide you with an update on the Company’s performance in 2017 and outlook for 2018.
2017 was a year of stability and preservation of value for AGP. While the energy markets were marked by volatility, AGP focused on refining its operations to reduce expenses. Production from the Company’s 17 wells continued in line with our operating expectations, generating 500 boe/d on average for the year. The Company cut operating and general and administrative expenses, creating a cash flow neutral business despite continued depressed commodity prices. At the end of 2017, AGP held $8.2 million in cash on hand and had no debt outstanding.
In 2018, AGP management is excited about its business. The Company is deploying $6.5 million of cash on hand to drill and complete one Eagle Ford shale well, the Skeeter 4H, expected to be in-line early in the second quarter of 2018. The Skeeter 4H is expected to significantly increase AGP’s production, generate an attractive rate of return, as well as provide substantial cash flow over a short period of time. AGP management prudently waited throughout 2017 to restart development of its Eagle Ford shale position. The economics of drilling new oil wells across the Company’s acreage position in the Eagle Ford shale in South Texas have improved substantially over the last twelve months, driven by both a rise in oil prices, as well as significant advancements in drilling and completion technology.
AGP’s operational leadership has closely studied the latest advances in fracture stimulation technology and is utilizing these developments in the completion of the Skeeter 4H. Primary changes to the technology include tighter stage spacing and increased proppant use (approximately 2,000 lbs / ft vs. approximately 1,500 lbs / ft), which management believes will drive more effective stimulation and increased ultimate oil recovery for the well. In layman’s terms, AGP will be hydraulically fracturing its wells in a way that will break more of the shale, keep the fractures open longer, and as a result, should release more oil, which will allow the Company to make more money per well.
AGP looks forward to drilling additional attractive wells across its 25 Eagle Ford shale locations. AGP’s ability to convert its locations into cash flowing wells may be improved by raising additional capital. AGP continues to evaluate the most attractive way to accelerate growth of its portfolio and drive value to all of its equity holders. The Company will continue to vigorously pursue all options to maximize the return on your investment in Atlas Growth Partners.
More details of the 2017 operational results for the Company will be provided as part of the Annual Report, expected to be available in mid-April. We also have an Investor Services team available to answer questions by phone at 800-251-0171, option 3 or by email at investorservices@atlasenergy.com.
Sincerely,
Atlas Growth Partners, L.P.
sounds great. I agree 100 percent
also like that 10 year call.
my my looks like your really getting worried now. better cover that short position fast..go figure
sounds like there going to restructure TTEN. TTEN HAS LOT DEBT. has nothing to do with atls . They hired a restructure person that turns around troubled companies. be good for atls. looks like he works for this company. https://www.alvarezandmarsal.com/expertise/restructuring-turnaround
why would you want to sell if the company turns around ???