Euro Pacific Capital Inc.(EPCI), page-6

What's your definition of good coin and in what time frame Buc ?

At this moment, I'm more concerned with not losing coin. Longer term (as in 2018) with reasonable price appreciation for oil (as in say avg $55) and with everything else going right for SSN fundamentals then yes maybe a double or triple from these levels.

BUT BUT BUT.... the challenge lies in the June and Sep Qtrs. For anyone to say otherwise means you haven't read in detail the 3rd Amendment to the Credit Facility.

Spent some time trying to model scenarios to get SSN compliant with its covenants for 2016. It will not be easy. To be fair, too much data needs to be estimated because of a (sudden?) lack of transparency or reluctance to release such data. Nonetheless the data will come out over time and I doubt it will be pretty.

What's happening to the capital structure of E&P companies is like the tide pushing up against a sand castle. Cracks appear and the walls begin to crumble.

Yet another case in point - a "relative" of SSN is Triangle Petroleum (TPLM) in that they share a common Non-Executive Chairman - Dr. Peter Hill. Suggest you might like to read TPLM 10K (Annual Report). Also full of going concern qualifications.

It's the same story ... fully drawn on BB coming up against a May 1 BB redetermination with nowhere left to run and hide and no liquidity. They have even hired "strategic advisors" - PJT - same group as EXXI.

Peter is going to be really busy these next 2 Qtrs.

Answer this ... how many more shares do you think will be issued before June 30th, 2016?