Undoubtly Rob, the answers are usually always in the accounts and especially the footnotes.
Does anyone else see the "irony" in the BB now being $19M and the production levels being what they are. Almost a rewind and fresh start the company operations (not the share price though). The 50% of cash from operations number that now flows directly to MOB will be a number I will still watch although my overall interest in SSN has diminished.Have to see what the result of the equity raise by Sep 30 will be.
I think you're following discussions on SEA and in many respects the mood of debt denial issue was equally prevalent. The recapitalization of the company caught them by surprise despite postings of the obvious (to me anyway) wrt to debt situation. Deep down I have similar concerns on LNR although they have a bit of an advantage with the drilling partner IOG capital and that the bulk of the debt is not bank debt and covenant light. Not saying that unsecured notes can't be a disaster either (no shortage of Ch 11 to chose from there .... Halcon probably are leading choice).
GFTA
SSN Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
