Yeah, nothing has changed, they kept capex in line and they are just pumping oil building cash.
That was the key to the whole thing at the end go the day, they had to start building some cash, taking out debt as they could and quit drilling holes and just pump that oil.
I am actually surprised many other companies didn't do the same, it boggles the mind, one company I almost out of and with a profit no less LOL they had a big dip to .05 ran back to .23 so I still hold my original but got my CB under .20 so should profit well on it, but anyway, they have like 5 Billion proven reserves, but doesn't help when your 4.5 million in debt, they should have done like Sanchez cut the capex to almost nothing and just drilled oil for a bit.
But not them they planned on spending another 300 million in Q2 ??????? I honestly think a lot to do with Sanchez doing what they did was, his name on it, its the old mans legacy ain't going out like that.
But yeah its all good, just oil doing the up and down thing these oils go up and down with it, should see a settling out and rise to earnings and if they built that cash, were able to take out some debt as well as just paying interest should have a new trading range for Q3 then the same Q3 they stay just pumping, building cash etc keeping capex to a minimum will get better as it goes forward.
Would like to see oil go above 75 though been big draw downs for a month speculators still shorting it, its only 4^ above the 5 year avg (stockpile) this coming week if it has another deep draw to below that, I don't see how they can keep shorting it once it falls below the 5 year avg, but will have to see.
Peace out.
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