Looked at New PresentationQuick thoughts:
1. Overall, they are still sandbagging the 2014 cashflow. Just look at the metrics they are using.
For example, $US 94.85 WTI average. Are you kidding? I am in the camp for $US 105 WTI from September to yearend (minimum).
2. Here it is June, and they still don't provide guidance ont 2014 exit. Well, if Simonette comes in as planned, let's just say 14,000 boepd, shall we? And even that may be a sandbag.
3. Only if they have a $30M purchase in mind do I see them needing to do a PP. They have plenty of free cash flow/credit to absorb some extra drilling, 'reasonable' land purchases or a farm-in for a couple extra wells. Still waiting for the Royal Bank to lend me another $200k, so RMP, can you please hold off on this PP for another week or two? I would be happy to buy lots at $Cdn 8.50.
4. They are targeting infill wells early on for the rest of 2014 to have gobs of production behind pipe and ready for October (re: Simonette).
5. I know that this may sound like a broken record, but can someone ask RMP at the AGM tomorrow about the 11,000 bpd they have booked for Simonette for 2016. That's it? While they can truck all the oil they want out of Ante Creek, I just don't want to hear about more pipeline bottlenecks till 2017. I might me be dead by then.
My wife is burning dinner again while she yacks with her friend out front; gotta go and rescue the green beans.
Regards,
L6