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Drill Baby

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Drill Baby

Re: MightySam post# 636

Tuesday, 03/08/2016 11:27:47 PM

Tuesday, March 08, 2016 11:27:47 PM

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The balance sheet was good enough for the banks to extent the LOC, and remove the leverage covenants. Exceeded the financial earnings estimate.

CRC's cash Breakeven is $28/BO with hedges. Plenty of cushion. Management plans to announce the $500 million plus midstream sales this year. Also some JVs possible land sales (2.3 million acres about 60% held in fee).

If you can stomach the volatility then IMO this is a great opportunity. No pain, no huge gain.

At these low oil price plenty of global production will be shut-in.
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