Eagle Energy Inc EGRGF

something doesn't add up

[downtozero]

https://www.eagleenergy.com/2018-02-13%20Corporate%20Presentation.pdf

$33M CDN sale of salt flats. Debt reduction only $19.7 M USD. Oil prices well above levels they should have made a decent profit for 2017 and further reduced debt.

I guess we'll find out what the real story is next month.

[Sjakkspill]

They don’t give the real story all right. I would assume that debt reduction doesn’t correspond to the sale price of Salt Flat and expected increased cash flow because more money is to be allocated towards development of North Texas. This was stated as their intention when the sale was announced. Different in this latest presentation was that no mention is made of a possible  drilling program

[Kherson]

Yes downtozero, alot does not add up here! In the January Presentation, Eagle stated that their corporate decline rate was 10%, now it is 14%, whereas Eagle stated in the NR that selling the Salt Flats property would improve the corporate decline rate. Go figure! What is really glaring though is that Eagle would have had the 60 day IP results for the N. Texas well on February

[downtozero]

As I had expected. The quick sale and positive sale news was an attempt at masking the forthcoming announcement of a major loss for the year and quarter. This is followed by another announcement they are looking for more assets to get rid of. All this time they've been telling us that anythiung over $50 USD oil they'd be making profits. We should have seen huge paydown in dept from the

[lenumero66]

I have to disagree where is this huge loss? The net loss for Q4 was 14.3M. 12.4M of that was an impairment on Salt flats, which has been sold. (Refer to page 17 of Annual Report). All other properties had already been subject to an impairment adjustment and were re-assessed at year end. No changes. Agree that the bottom line is a net loss is a net loss, but some perspective. Current shareholder

[Kherson]

The key here is management and yes their track record leaves alot to be desired! Kherson

[Sjakkspill]

Good post 66 and I concur. I see that their drilling plans in North Texas are not going to be what was projected in a presentation of a couple months. Drilling a second well now with a third later this year seems like the prudent way to go by proving up the asset while staying within your means. Underdelivering has hurt the stock and management should have been more conservative in their plans and

[LAMBO]

all eyes on the 2nd drill in Texas to decide on the next move https://seekingalpha.com/article/4159182-eagle-energy-aftermath-2017-annual-results?auth_param=14ds1c:1dbn670:c43d08e41fe46491a188be2d3d6a8d8a&dr=1&uprof=45&utoken=74903a76f38d8a72ab73175f7c980f5d#alt1