very good performance overnight for SSN (and Lonestar). Looking at about 10x volume traded. Now I not a chartist, but SSN looks to be getting ready to form a golden cross. Been trading above its 50 day EMA (currently 0.73) for a few days now and is now trading above above the 200 EMA of (0.79). If SSN holds this the EMA should cross in the near future.
Perhaps the AMEX holders see greater value at present. If the uncertainty around the equity raising can be fully addressed then maybe SSN can breakfree of the shackles.
The OPEC report was IMO a bearish view for oil short term but at least there was a bit of a bounce. US$ looking awfully strong for the near future if the Fed goes ahead with its interest rate rises. We'll know that Sep 21/22 when FOMC meets.
Don't get too far ahead of expectations - SSN and TB still have a lot to do. Operationally they are hitting home runs presently (i.e. only spending $800 to generate $12M 1P .... that's what I meant by capital efficiency). They don't need to spend on the PUDs just yet ... mostly because the air is not clear on the Credit Facility AND they also have the promissory note to OAS to deal with. TB is still going to have to do some fancy dances.
Lot stronger now than it was Q4/15 with just NS/Rainbow is full development mode with the delusions of Hawk Springs and potential of Cane Creek. Steer the company through these 2 Qtrs and see what 2017 has in store. i.e. what is the decline of those worked over Madison wells.
SSN Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
