Another Reality Check for LXE: Welcome to the DEBT WorldMany reality checks for LXE today.
Production is very gassy with 75% natural gas.
2P Reserves at 22 mmboe are very gassy with 81% natural gas.
Repeatedly poor IP-7 results (713 boepd, 371 boepd, 472 boepd, 550 boepd) from the Lower Turbidite play that has been heavily touted by some "analysts" over the last months.
Results at Doe from Upper Montney are significantly lower than offset operators.
And now the cash burn machine begins.
LXE had $41 million cash in September 2016.
LXE announced it had just $26 million cash in December 2016!
LXE says that its cash was just $14 million in February 2017!
On top of that LXE says that it will exit 2017 with DEBT at $5 million!
No, I'm not paying $16/boe and $120,000/boepd for this 75%-81% natural gas weighted producer.
It's all yours, you can keep it:
https://web.tmxmoney.com/article.php?newsid=5563236117161949&qm_symbol=LXE