I think all three have suffered from 1. Sector weakness both...

I think all three have suffered from
1. Sector weakness both here and overseas
2. ASX weakness and yield chasing
3. DLS and BPT 2015 production and thus revenue numbers announced where flat (this is a big factor) ...why pay for a growth company when one of the most important aspects is not growing
4. SXY again prodiction outlook negative and longer dated growth catalysts then DLS and BPT


Both DLS and SXY are actively growing reserves and working out how to capitalise each area...
But they have hit a bit of a snag:

As an investor in these companies you wnat to see:
1. Prime acreage leased
2. Exploration and Developmnet to unlock the potential of the acreage
3. Rising cash flow to service bigger debt, more CAPEX and more leases going forward
4. Replacement of reserves faster then depletion

It doesnt matter so much that Net Profit is flat, but rising cash flow is vital , and i think all three have indicated 2015 will have a flat cash flow....hence a lot of investors interpret that as a significant risk...

DLS SXY and BPT may actually unlock much more value by spending CAPEX on less conventional aspects and unlocking or discovering "the key" to the unconventional assetts... But the market doesnt like the risk of flat or declining cash flows if they cant achieve this in the 12 months. Hence this is a big risk and hence in my opinion attributable to a lot of the early weakness post the last round of reports, followed by general market weakness.

Right now they look extremely cheap, especially given the US/AUD has basically kept POI at $103 AUD and the surging gas prices...but the big risk is unlocking these gas wells with the projected flat revenue base they have for 2015