Long Run Explor Ltd Ord WFREF

RE:RE:RE:RE:Long Run Exploration Ltd. Announces Amendments to Bank Credi

[wilwal]

Thanks JohnJBond.   

I'm not impressed with the NR.  While it is factual and discloses the bare minimum of information, it is misleading because it talks about this new deal giving "more financial flexibility".  Because the convenants were loosened, they make that statement.  However, the banks have just put the clamps on them.  The banks had no choice but to loosen the covenants, and they are almost certainly still violating them, and it will get worse as the hedges come off and if oil prices decline.

The clock is ticking and they know it because the make this statement:

"Long Run's Board and management continue to examine strategic and financial means to improve the capital structure of the Company."

That is probably the best statement of the NR.  It confirms that they know they must act and aren't living in LaLa Land.