LOL Rob79, zesty discussion is good. Yes hedge calculations have not been kind to you on EBITDA calcs but that's fine - not looking for exact. I've been a little better on those multiples but then I am calculating them a little differently. Don't forget the deferred settlement cost though.
With respect to asset sale/farmout - I don't think so. I'd say 0% chance of that. The bank has the mortgage. Any sale or reduction in NRI will result in BB reduction and that's the last thing SSN wants to have happen. $20.5M is the number and that's after $10M has been raised (of which at least $5M has to be equity).
And sure we don't have all the info - but IMO we do have enough to make educated estimates (same as those brokers but we are not profiting from selling stock to customers).
This is taken from Schedule 2 Compliance Certificate from the MOB Credit Facility
Column 1
Column 2
Column 3
Column 4
Column 5
0
II.
Section 7.12(b) – Leverage Ratio.2
1
A.
Total Funded Debt (all outstanding liabilities for borrowed money plus other interest-bearing liabilities, including current and long-term liabilities):
$
2
B.
EBITDAX
3
1.
net income:
$
4
2.
less non-cash revenue or expense associated with Swap Contracts from ASC 815:
($ )
5
3.
less extraordinary or non-recurring gains and other extraordinary or non-recurring income:
($ )
6
4.
plus consolidated interest expense:
$
7
5.
plus income taxes:
$
8
6.
plus depletion, depreciation and amortization:
$
9
7.
plus other non-cash charges
$
10
8.
plus exploration charges
$
11
9.
Total EBITDAX:
$
SSN Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
