Just to add, it depends on what/who's yardstick you use to...

First 50 Last

Share
Profile

Follow
acreage

3,989 Posts.

24/07/15

13:18

Post #: 15688429
Share

Originally posted by acreage ↑

Hi there Rob79,

I enjoy your well researched intellectual posting, a much needed change to the SSN forum.
Of course Management can't be blamed for POO. I question the production number atm and what has been spent to get it to this struggling 900bopd. In 2010 the company had $80mill cash and $11mill in a term debt facility.

Expected Bakken production back then was, 2,000bopd and today it's at 900bopd and yet to crack the 1,000bopd. Thats a big disappointment I would say, especially considering the 900bopd is not just the Bakken, it is the whole coy production. It wasn't the shareholders who set the benchmark it was Management.

TB has a lot on his plate and i understand it's a tough business to be in, especially these days with the current POO but, my sincere question remains, how will the company fund future drills in order to keep above that dreaded decline curve ? Debt is building and cash is very hard to come by.

My post is sincere and not a bashing ! I am really intrigued as to how TB will get this thing going because it has been 5 years since the sale of the Goshen. If he gets it going as many think he will, he will earn a much deserved pay rise and a bloody good one at that. How long will it take though ?

Good luck to all.

Expand

Just to add, it depends on what/who's yardstick you use to measure success. Some say Management have done a good job under difficult circumstances. Going back 5 years ago when cash was at TB's fingertips I would say life was much easier, is it a case of they should have made hey when the sun was shining ? Very difficult environment for TB today.

regards

SSN Price at posting: 0.6¢ Sentiment: None Disclosure: Not Held
Upvote

0 Great analysis

Reply