Post by
bargnhillbilly on Apr 09, 2014 8:23pm
The News Is Out
I thought it read pretty good. It looks like they reduced the debt 10 million dollars this qtr. While holding production basically flat. That's the plan the first half of 2014.
their debt is now 120 million on a 165 million credit line. Reduced 10 million from 130 milllion from their release in january.
If this continues 2nd qtr. We should see 110 million in debt and then Pinecrest credit will be revaluated in June.
It seems Pinecrest has enough wells coming on line to hold production at 2200 to 2300 boed the first half of the year. While they continually watch and reevalute the waterflood wells.
You need to read it for yourself but that's what I got out of it.
Bottom line production holds steady and debt is dropping each qtr. Giving the company time to adjust and reevaluate waterflood wells.
Comment by
Fullblast on Apr 09, 2014 10:27pm
Bargnhillbilly, that's also how I read it. I though we were going to hit a wall. This is not great, but not bad. I wonder how the market is going to read it. We'll also have to wait for the conference call. It will be interesting.