RE: RE: RE: Im outta this dog...Yeah I agree...a lot of gas companies are not doing so hot... :( such is life...
I'll save you some hunting for you dd....Investors were given assurances by Bridge that we should be producing a minimum of 30 mmcf/day + condensate. In October...then Nov, Dec, Jan...the delays continued.
As at the end of the year:
(Taken from Bridge's website)
Summary of Quarterly Results
Three months ended
December 31, 2008
Average daily production
Gas (MMcf/d) 12.73
Liquid (bbl/d) 346.83
Boe/d 2,468.02
They have now confirmed that they are unable produce to the wells capabilities, because 2 issues: The overpressured reservoir restricts the production of other companies operating mature fields through the platform. Secondly, even if that were not an issue, the platform can't handle the condensate capacities to begin with...Thus the well will have to be choked back anyway...and produce at very modest levels...a portion of that production further being reduced to compensate the other companies for limiting their production through the plaform.
So bottom line...upon confirming the success of the well., shouldn't some due diligence have been done to determine if the plaform could handle the capcity of the Durango well in the first place...In my opinion, failing to have done so is just incompetent.
Now cashflow is going to be but a trickle, compared to the promises made...Debt is fairly substantial...the money claimed to have been made from the hedges is a 1 time deal... once its monetized...its done. The cashflow just isnt there to support the plans they have laid out without diluting the company out further...
Some book smart guys running this company...I'll admit I was initially impressed with Ed's credentials...but its become painfully obvious that Ed hasn't got a clue how to run his own company...
For what its worth...
T2
P.S. I'd prefer Ithaca at this point....GLTA