Not a good quarter. More Land sales ahead?
The poor prices for Nat Gas are making it rough for PMT to develope their properties. They have 60% of their gas hedged at $3.38 was it? But not much production growth and oil/liquids are still only 22% of production. Losses, like the 5 cents per share this quarter, will probably continue. I didn't see a conference call scheduled which may be a precursor to how bad things will get if Nat Gas prices don't improve. The other thing are all these debentures? Are they going to convert them to shares, which would create huge dilution to existing shareholders, or will they try and roll them over? Or both? Just too much Nat Gas being produced in North America. They used to say the best thing for higher nat gas prices were lower nat gas prices. That theory sems to have flown out the window. Production with $3.38 NYMEX, has not dampened North American supply.