Bobwins, CPE I'm far from an oil guru, but I have a falling position in CPE that I'm trying to understand. When I bought, I saw a company that had been on its feet with 04 Q2 earnings of $0.58/share, being temporarily hit hard by the Habanero well control valve problem & hurricane Ivan. Knowing Habanero was 30% of their total production & was due back on line to produce above Q2 levels, I thought there was a good chance of sneaking in while no body was looking except you guys.
Long term things seem to look pretty good.
Finished repairs should increase production above Q2 2004 levels for Medusa and Habanero in Q1 of "05"
Tripling of the exploration budget for 05 should help future revenues
Development costs occured in 04 for Medusa and Habanero are done
A new major field for "06" & 18 good quality exploration prospects for "05"
If you don't mind, how do you view things differently if at all? & how do things look to you short term, meaning Q1 & Q2 assuming we have at least $45 oil? Are the repairs completed & the 04 Q2 production levels been resumed?
If the plan is still working, than what we are probably seeing is just a bad reaction to the over all economy in general & the reaction to the dismal Q4 earninges that included the tax payments & going forward things would be very optimistic.
As always thanks in advance
Checkmate28
