Hey James. I'm scratching my head on this one. MPO seems ridiculously cheap to me. Check out their latest presentation. Great proved reserves. Growing production like crazy, under 20,000 Boe/d in Q2, up to 30,000 currently. Much of that growth is due to integrating new purchases though. Lots of debt ($1.5B per the presentation but I thought I remembered $1.7B with Q2 report), and some of their interest is over 9%. Nonetheless, looks bargain basement to me. EPS was negative in q2. They are 80% hedged on oil at mid-$90's, which hurts a current prices, but limits risk IMHO. Would you take a look? I'm in big, up slightly, but I'm surprised it's not double the current share price. Thanks in advance!
lol another one of your oil BOE'd plays. See if you paid attention to my formula on the last one we wouldnt be in this mess!
lol k I looked at their presentation briefly. I don't have time now to do analysis right now but I should have one in a couple of days. It should be easy to value. They seem to have given all the numbers i need
Thanks James. Looking at your proved reserves valuation they should be much higher unless I'm missing something. For the record, I'm up a little, thanks to doubling down in the $4's. Just thinking about taking profits in BCEI and moving to MPO, since it seems so cheap. the debt is the only thing that worries me. but if they get revs up to $800 mil in '14 like i think they will then $1.5B debt doesn't seem that bad to me. thanks again.