If you had no previous knowledge of SSN's performance over the past three years, and happened to stumble across the latest quarterly report, you would have to be impressed and wonder to yourself "why is this company trading at such a ridiculously low sp and with a market cap of only $60 million?"
* An increase of 130% in oil production over the previous quarter * 152% increase in estimated revenue * Oil and gas revenue of $3 million per quarter * Cash at Bank of $5.753 million plus proceeds from CR of $5 million plus credit facility and other revenues all totalling $21.453 million * 12 producing wells in North Stockyard * 10 other wells either being drilled, fracced or approved * Substantial highly prospective tenements in other oil producing regions * JV arrangements with other proven and successful drillers
I just don't understand why the market views SSN so poorly. Surely, if the Board can keep administration costs down to an acceptable level, the company deserves a re-rating.
SSN Price at posting:
1.9¢ Sentiment: None Disclosure: Held
