RE:RE:RE:LRE Bank debt covenantsYes Shlinker I am long LRE.
Long Run's combined proven and probable reserves are 143,910,000 gross boe and 124,414,000 boe net at the end of 2013 (Long Runs and Crocotta combined but not the Guide aquisition). What are the value of these reserves plus the value of the land.
When they publish them for the end of 2014 what will they be, I would think they will be higher.
Hopefully we will see higher prices for oil in the near future as production comes off but it will take some time for that to happen. It takes a while for the reduction in rig count to work into lower pruduction and on the same note if and when demand outpaces supply it will take some time to see production pick up after the rig count increases. So there will always be price volitivity.
I would like to have seen them cancel the dividend back in Dec. doing it now gives the impression of not being too cautious when I believe is what is needed in this market.