Ann: Quarterly Activities and Cashflow Report, page-22

I guess worse if you look QoQ of 68% down to 59%.

IMO that's an anomaly brought about by specific wells and timing of TILing.

YTD oil of 62%, while below the "target" of 65% is not quite as large a miss.

Steep decline? Possibly. Gas tends to have steeper decline. Their production rate was ahead of my model so I'm not concerned on that (yet) and I think its entirely due to when the wells are TIL'ed. The better comparison might be on the HY segments.

I've got EBITDAX Q2 at $33.498M on EBITDAX/BOE of $26.50 .... which is actually an increase in Margin to almost 64%. Makes me think that reported EBITDAX will be lower than $34M.

IMO the "production miss " (even though guidance was on high side) and therefore revenue miss comes from
"The Company additionally completed the 4.0 gross (4.0 net) well Georgia Buck pad in Live Oak County, but has delayed turning those wells to sales and left them temporarily shut in to protect them while an offset operator finalizes nearby completion activities."

SEA is playing it safe by delaying TIL'ing ... that's the problem with small operators ... lumpiness in completion activities that affects production rates.