SD, You are most likely correct. But the only way to know for...

SD,

You are most likely correct. But the only way to know for sure is to have the company unambiguously break it out.

For the most part when a E&P company talks cash operating costs (some say lifting costs) there is usually a footnote floating around saying "excluding Cash G&A and Interest). Maybe PYM is different and has included it - you can always do the reality check of taking Qtrly G&A and dividing by Qtrly production to come up with $G&A/Boe. The $12/Bo figure seems awfully low to include G&A. If you take $1.7M as their annual G&A

Re the comment on all-in costs of $30. Again, depending on what the true cash operating costs are, just adding the F&D costs gives you the "Half cycle" costs - not all in costs. If its full cycle you're after then land acquisition, infrastructure, seismic etc need to be added.

On the $18 F&D cost - and reference to EUR 73MBO - that implies $1,314,000 cost per well - yet Sep Qtrly said $850-$950K and EUR of a very broad range 50-140MBO


Cougartrading made a quick estimate (which I don't agree with - no decline and no downtime) of :

60 bopd x 3 wells = 180bopd of production
PYM NRI is 75% for first 3 wells?
So PYM sales oil is 135 bopd x 365 days = 49,275. If that was the only project you Cash G&A = $34.50 per bbl........
Continuing,
If oil price at $50 avg the Gross Rev is $2,463,750
Less Operating Costs ($12/bo) of $591,300

Gross Profit (?) = $1,872,450
Less G&A of $1,700,000
and Less any interest payments or other item - say $0

Net Profit (?) = $172,450


That was just real quick. Might need some further questioning of mgmt (especially on change to F&D cost & EUR). Best be cautious.