Much to read but I noted net income took a good hit from risk management unrealized losses. Current assets less than current liabilities. 2013 appears more secure with asset dispositions. However, 2014 appears to still be a work in progress. The company has a solid credit line, no breaches in covenants as of 31 Mar 13. However, US production is still a very legit threat to Canadian oil and gas. The Canadians needs to diversify its customer base (Asian as well as US). In any case, balance sheet commentary welcome.
Net Income (Loss)
Pengrowth recorded a net loss of $65.1 million in the first quarter of 2013 compared to a net loss of $1.1 million in the fourth quarter of 2012. The $64.0 million increase in net loss was primarily driven by a larger unrealized loss on commodity risk management contracts and a decrease in Funds Flow from Operations, partly offset by the current quarter gains on dispositions
and absence of the unrealized loss on an investment incurred in the prior quarter.