Nothing like showing an increase In proved reserves by 50% to hopefully ignite this stock. Even with their drilling missteps this year, this is an impressive increase and shows the benefits of the horizontal drilling program. Based on the value of these reserves, this stock is way undervalued. After hours showing a nice pop but whether that is real or not we will find out tomorrow.
As to production, looks like average was 47,000 which is not too bad. In regards to the operations update, Looks like they are really making good headway at West Delta, Main Pass, Grand Isle and South Timbalier. Also, happy to see that the venture with Apache is showing some initial results. That is very big in my opinion. They did note the two misses at Duplantis and Pintail but not complete writeoffs yet. As to the ultra-deep we still have Highlander in play. Would love to see them finally hit on one of these projects. The Lineham Creek drill seems to be going very slow.
Overall, this is a very good update and should propel the stock to what I believe is a more accurate valuation.
I have not done the research but it would be interesting to know the market caps for oil and gas companies with similar proved reserves. I have thought $40 was the right price even without any value attributed to the ultra-deep. I can only hope...