Thanks Rob - that's me the logic guy.
Now that is more like the "shape" I was expecting.
All things in context of course. You still need to know the fundamentals of the company over time
a. As you say SSN was more gassy early in its life - probably accounts for the higher
b. No attempt to account for divestiture or acquisition of producing assets
If you were to look at long term SP you'd see the excitement of early 2011 (sale of land) and the efforts to rebuild the company as a Bakken oil producer. I think you can also see the "disappointment" of those early efforts in the decline of the boe/share ratio, the SP and the need to issue further equity (which I will say is simply due to the assets not returning the amount of cash expected to cover the expense and investments made).
That takes care of the LHS and center. Now the RHS is where the action is now and keeps the punters interested. The last year has seen a large amount of capital invested (the Borrowing Base) and commensurate growth in boe/share. The downward blip is easily explained as the required (safety) shut-in of producing wells during infield drilling.
One should expect that the RHS will continue to show growth in boe/share as both existing and new wells come online.
I did preface that buying saying I wanted to highlight something positive for you guys - nice work too by Chrys on locating that chart on KOG (also showed boe/share - a rarity). It does show the sort of growth you want to see.
Please just keep in mind that it is company asset production based metric - and as most bankers (not investment bankers) will say "I'm interested in owing cash flow not owning assets". Hence the Cash Margin based posts for y'all.
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