Thought it was a reasonable Qtr - but further pain is coming.
Exceeded guidance on production exit rate. They are reasonably hedged in 2015 (not great but not bad either). They can "afford" to go slow.
Reserves increase is "nice" - its not going anywhere. Forget any NPV10 calc using SEC rules with oil at $91.48 price deck.
Undrawn $15M on the BB which was reaffirmed Dec 30 AND Capex for 2015 funded from Cashflow (generally easier said than done and I done see a price deck for that statement).
What they have done very well is manage costs - Cash Cost at $14.63 deserves a round of applause.
I'm hopeful that LNR delivers a similar result (but better).
With EV/EBITDAX (ttm) multiple of 2.19 times the stock looks cheapish IMO.
SEA Price at posting:
46.5¢ Sentiment: None Disclosure: Not Held
