Can I put MXC up at today's close? Figured I'd try and put this one up with it selling off a bit today on the energy plunges over last couple days.
Trades real thin though so wouldn't do anything other than wait for it to buy in. Earnings for enxt Q won't be out until June anyways and there's not a whole lot of news they typically put out between Q reports.
I like it though, trades around tangible book, fiscally tight mgmnt (check out the website! Ack...), recent boost to nat gas production and some slight increases in last few Qs to production (both oil and gas).
Has shown to be profitable even when energy prices were much lower.
Some warts as well, production has declined for 4 straight years (but is turning back up and should pop with the new nat gas purchase), not really very actively managed with CEO mostly retired. No flow rate data for their recent largest purchase in company history for nat gas with the royalty interest in 3 Barnett Shale wells in Tarrrant Cty.
Some history of disappointment with GasTex Russia JV doing nothing. Lea Cty well couldn't get drilled to completion. Borden Cty porject seems bogged down with not being completed and more money spent.
They're completely unhedged, both good and bad.
Very thinly traded at times, so patience to get in is warranted.
Not a real big potential winner. But for the safety vs risk in this market, I think it works well IMO only.
I don't mind stealing bread from the mouths of decadence... But I can't feed on the powerless when my cup's already overfilled.
-Temple of the Dog
"We didn't build this company on the sniff of an oily rag."
-Anonymous
