Is a recap coming? Finally took some time to go through the balance sheet and looked at all of the adjustments plus a few of their news tidbits stringing people along.
8 million shares issued last year with minimal debt reduction.
exit production was down to 11,133
half of liquids are ngl's that were selling under $33.00 per barrel
debt/cash flow at 1.69 - brutal for poor assets
decline rate is still too high. Gas weight too high.
finally addressed drilling costs and looked into decline mitigation strategies. Albeit about 5 years too late.
Holding this one is investing based on hope. As in, I hope they can just dilute a little bit and gas prices will recover in time before we have a problem. All of the better operators are growing, reducing debt, buying back stock and initiating dividends. Yangarra is shrinking production, diluting shareholders and increasing debt ratios.
Management needs to be replaced with stronger operators, debt needs to be reduced 60-70 million at 12k boe/d to get close to industry averages.
a recap is coming or a debt workout is going to be imposed. Not sure how anyone can look at the last quarter positively.