IMO, that was as good as a result as you could expect. My take...

IMO, that was as good as a result as you could expect.

My take aways were:
- Demonstrated cost reduction per BOE. Going by Eric's responses/commentary regarding cost, SEA is sand bagging on cost guidance.
- They are reducing their run rate of wells per year to 18(going by 100 mil capex).(IMO probably the only negative, but I guess they want to demonstrate strong cash flow?)
- to remain flat with 100 mil capex, 40 mil FCF cashflow generated at $55 WTI, $2.5 gas, $18 NGL.
- Exit run rate for Q3 of 16-17k BOE/D, most of capex will be completed for Q4. Should be some very nice cashflow for Q4.
- Justin Tom pads are 12,500 laterals.
- 6 month BO 90,000, BOE 125,000 = quick pay back at $15 cost per barrel.

Must be wearing rose coloured glasses, but on a company level this looks great.

Only downside is further deterioration of POO.

However,SEA is more than sufficiently discounted and hedged for reduction of POO.

Being short SEA is a scary prospect IMO. SEA ain't going bankrupt any time soon and sentiment is already pathetic, so not sure what their game plan could be.