Long Run Explor Ltd Ord WFREF

Quarter

[can1]

At a quick glance, the 1st qrtr results look good. A good hard look at sedar filings will give a better feel for

how the results were achieved.  .39/sh cash flow is solid for the quarter. The net debt is a little high at $366mill ,however they did aggresively drill this quarter.  Given this was the first quarter management truly had control, 23,600/boe is very solid.

[bosse]

To add a few notes on the Q! Oil and liquid natural gas liquid is better than forecast 52% Funds flow/BOE $22.89 weak but better than Q4 2012 $19.50 Net debt little  high but manageable. Very agressive managment and I'm pretty sure the investment community will like that!!

[JohnJBond]

Cash flow from operations was $55.8 million in Q4, 2012.    This fell to $48.6 million in Q1, 2013!    Thats a 13% decline!   Given that production increased in Q1/13 over Q4/12, and liquilds production also increased, I don't understand how cash flow declined.   I particularly do not like how management tried to hide this cash flow decline by comparing Q1/13 cash

[bosse]

The way I see it in their results overview: Funds flow from operation       Q1 2013    Q4 2012