TSXV:CVI.P - Post by User
Post by
Northforce13on Aug 11, 2014 8:43pm
201 Views
Post# 22830513
Q2
Q2On the surface my initial reaction was "ick". After digging through though it seemed like a mild positive;
* Q2 production of 1590 per day in 67 days of production. Sales of 1170 bpd yielded EPS of 2c, the extra oil built up into inventory. If they had been able to sell as much as they produced 1.2 mil of profit would have been 2.6 mil. (real rough guesstimate, extrapolating fixed expenses, etc)
* From that, as a run rate calculation, using Q2 production of 1590 in 67 days, we arrive at a bit north of 2000 bpd when fully operating and earnings climb to 3.7 mil, working out annualized to 19c eps. This is pretty good.
* The above is without Al Roidhat being on line. Even without Al Roidhat, if they can get and keep production running, 19c is fine by me.
* I also liked the notation that they are continuing to build the water injection facility (or whatever they call it) despite problems.
I picked up a bit more shares at 1.43.
Cheers all!