Yep ... TB gave it all he had left with FB acquisition. He has fought tooth and nail to survive (but as TB noted SSN full cycle cost was approx $69 Bbl I recall and that does not work at present). There is a difference though between the company surviving and the shareprice being butchered
As I posted on the acquisition it saved SSN then and possibly now as they have purchased hydrocarbons for cheaper than they could D&C them. The legacy debt constrains them.
I wonder if there is a buyer for just those assets - 1,050MBO of PDP at $12/Bbl. Would you pay $12M for what has $17M of SEC PV10. If so, do it and pay MOB $10M and convince them that their $20.5M BB is sufficiently secured by FB PDP of $31M (its a coverage of 66%).
Fight hard TB.
SSN Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held
