He continues to mistake development costs as ongoing production costs. The basis of his argument is that production costs are higher than revenue there the company is going backwards. That is because he is lumping development costs with production costs.
Fails to understand (or chooses not to) grasp that CF from Investing is a one off payment to develop the well that is paid back within 15 months. Production costs sit in CF from operating activities and the cashflow there is positive.
If CF from operating activities was negative I would be really worried…
This concept is demonstrated well in the last quarterly when we did not drill any new wells and the cashflow from op activity was positive.
He continues to mistake development costs as ongoing production...
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