RE: Banks holding you vital organs or your destiny Nice to see a new investor expressing interest in EE.
The posters on this blog are tired and disgruntled....most having an ACB of probably between $1 and $2. We tend to blame everyone but the person we see in the mirror for our losses to date.
To be fair, and looking back at it all, EE does seem to have had its share of bad luck. There was a forest fire at our properties in 2010, and the SWF that EE drilled up in 2011 rapidly collapsed on us. In hindsight, management probably wishes they held off on incurring some of the land and seismic costs when they did and had allocated those funds to drilling more wells instread. But that is where we are at today. And most of our cousins in the gas business would still trade places with us in a heartbeat.
We do have high quality oil, great prices and netbacks and a team that has worked the area for some time and is getting more familiar with the seismic. Also have a huge land spread. But, waterfloods remain tricky and production problems persist. And as you note - EE has lots of debt.
I think those are the major attributes/issues you should be made aware of. Presumably at these share prices, and given the many risks, EE is still a good high risk bet. But, that is of course, just my opinion.