I will get followed and beat up for my comments for sure as that is how stockhouse is....but regardless.....
What made most of you not sell when this hit 5.50? do most of you have shares at a higher price then 5.50?
This is the warning sign and red flag to me:
| Average production (boe/d) | 20,000 to 20,500 |
| Adjusted funds flow ($ mm) | $200 to $210 |
| Total capital expenditures ($ mm) | $70 - $80 |
Spending 80M to produce 20,500 BOE?
Not that impressive when looking back.
CJ was a 18000 BOE ish producer for first half of 2021. I should know lol was I was a shareholder lol. I love CJ by the way but not at this share price even at 80 WTI.
Anyways so CJ was a 18,000 BOE producer and had plans for that range until it bought Venturion which was 2400 BOE. So 18000 + 2400 = 20400 BOE.
So in 2022 CJ needs to spend 80 M to just maintain 2021 rates??? Cause that is basiscally what they are doing.
I need to see production at 22000 BOE if they are spending 80M on capex.
But ole Eric probably has his fan club pushing CJ 63 cents higher then it should.
Lots of cheap companies out there folks.
If CJ decline rates are so good and they to spend 80 million on drilling to maintain....then perhaps they should stop drilling and buy other companies instead.
Couldnt 2000 barrels the decline rate for 2022 be bought for 40M or cheaper...just sayin