weatherford rig, page-5

Hi Corporate and Tui

I too agreed tha Senex's SP was low for its activity and that great things will happen too after reading their drill reports,etc all sounds great. Scroll down to the financial statement and it tells a very different story imo. Expenses are way higher than Sales especially when compared to BPT and drillsearch all producing in the same area, Cooper basin.
Below is a table comparing all three company's Expenses to Sales for Qtr ending June '12: (Senex's Expenditures are almost double their sales whereas a company like Beach(BPT) expenses are only 45% of Sales!)

BPT: Sales: $167.2M, Exp: $74.7M, Exp/Sales = 45%

DrillSearch: Sales: $9.6M, Exp: $12.8M, Exp/Sales = 133%

Senex: Sales: $18.6M, Exp: $34M, Exp/Sales = 181%
Can anyone shed light on this glaring inefficiency?