RE:lower debt reduced by $300,000 per month Just an observation Debt at
June 30 was 7,291,237...(2,617,807 4,150,000, 573,430)
Sept 30 6,274,060...(2,550,630 3,150,000 573,430
Dec 31 6.918.297...(4,344,687 2,000,000 573,430)
So in actual fact debt grew by almost 700,000 for the period Sept 30 to Dec 31 and was the result of recommernced operation in late Novemeber. The fact that they paid down the credit line is meaninless since in order to do it they allowed accounts payable and accrued liabilities to grow. Net result is that by severly curtailing operations for about 5 months they amanaged to pay off 300,000 woth of debt even though they sold 545 boe per day at relatively high prices. It will be very interseting to see next qtrs statements particularly since West hazel upgrades will be added to accrued liabilities.
Nothing to get excited about... in fact something of which to be very wary .