Third Q in a row generating FCF....WOWThere was not even close to a negative in this report. Amazingly as I estimated in a previous post, they would generate $40 million of free cash flow this year and now after three quarters of doing so they have generated $32 million in FCF or 12 cents per share. They now have grown working capital to over $120 million and would have net debt of zero in my books.
Production SO FAR in the quarter is averaging over 19000 bbls per day with nearly two months yes...two months of production growth left. They will end up the year awfully close to an exit of 20,000 bbls. The only thing that can sabotage this company is the crude price, but not too much as it is costing $75 per bbl just to find and develop it let alone make a profit.
FANTASTIC Quarter!!!!