Ridiculous Buying to 28 Cents in Late Feb
Those buying had a rude awakening when the March presentation came out and showed 2.8 year payouts for Michichi wells.. The economics are $2 million to drill wells that produce just over $300,000 of value and that take 2.8 years to recoup the $2 million. With a company with as much debt as PPR has, that's simply ridiculous, especially to think they accumulated more debt and diluted the company when buying Marquee. Check the latest financials. Decomissioning liabilities are up from $110 million to $144 million. Current liabilities went from $28 million to $41 million. Long term debt went from $55 million to $101 million. So as far as I can tell this company is only economic for paying out employee salaries and bonuses.