Still not profitable, but another 6 wells online could do it.
...complete and commence production on ... 6 wells ... by the end of the 1st quarter of 2020.
Average wells in PB are producing at least 400 BPD (barrels per day). In a 90 day period (roughly one quarterly period) that's 36,000 barrels of oil. Crude oil closed Friday at $57.44, but I'll multiply by $56 per barrel. That's roughly $2M per well per quarter. With 6 new wells coming online by the end of March 2020, PED should easily start turning a profit in Q2 2020 and for the rest of the year!
P.S. I calculate a book value of about $1.50 for PED from their 3rd quarter financials.
All in all, 2020 looks to be a very promising year for an increasing valuation of PED (jmho).
They are a real oil company. And based on what I hears CEO of Total S.A. state yesterday, PEE may well be in position to be acquired by such global firm and their future vision into other energy areas.
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