Monday, August 10, 2015 2:58:07 PM
Here are my impression of the important parts of the Q2 2015 report.
1: They lost money of $700K, after backing out the impairment and depreciation expenses. The company is not producing enough oil/gas to break even and the hedges are not covering the losses.
2: They may need to sell off assets or raise more capital to make payments. Payable, without the debt, is $9 million with only current assets of $6.1 million to pay that. With operations losing money, the only place to get the money to cover payable would be to sell off land/rights or issue more stock/debt.
3: One of the big additions to cash this quarter was $1.5 million from a settlement, which will not be happening in future quarters.
Louis J. Desy Jr.
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