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FX Energy, Inc. Message Board

  • stockexpertpro stockexpertpro Jul 9, 2013 11:07 AM Flag

    FXEN ShareHolders Equity is ONLY 50 Million Dollars Company is Losing Millions


    InPlay: FX Energy reports disappointing results of Plawce-2 well test; two lower zones in the well produced only formation water, top interval flowed only non-commercial levels of gasB

    Total assets$99,803 So the Company has Total Assets of 99 Million VS 155 Million Dollar market cap The company is losing money and their wells that they just drilled was a total complete failure they just hit a bunch of water

    otal stockholders’ equity

    50,615 Only 50 Million in shareholders equity once you subtract the liablities out

    Current market cap is 3 times this amount

    Net income (loss)
    (11,443) Loss 11 Million Dollars this Loss should be much larger since their last 2 wells that they just drilled was a total complete failure i am going to guess that cost them a few million bucks

    Note 6: Stockholders’ Equity

    During the first three months of 2013, we issued 162,402 shares of common stock for the 2012 contribution to our employee benefit plan. During the first three months of 2012, we issued 138,748 shares of common stock for the 2011 contribution to our employee benefit plan.

    Note 8: Notes Payable

    On August 5, 2010, we refinanced and expanded our existing credit facility by executing a new agreement with The Royal Bank of Scotland, ING Bank N.V., and KBC Bank NV. The expanded credit facility calls for a borrowing base of $55 million, a periodic interest rate of LIBOR plus an interest margin of 4.0%, and has a term of five years, with semiannual borrowing base reductions of $11 million each beginning on June 30, 2013. The expanded credit facility is an interest-only facility until June 2013. Loan fees of approximately $130,000 associated with our existing credit facility were amortized and charged to interest expense during the first quarter of 2013. Payment of the expanded credit facility is secured by our assets in Poland and guaranteed by us. As of March 31, 2013, the total amount drawn under the expanded credit facility was $40 million. The interest rate at March 31, 2013, was 4.2% per annum.

    So their cash all came from debt and they are losing millions

    In consideration for the expanded credit facility, we paid various arrangement, structuring, legal, and other fees totaling approximately $2.5 million. These fees, which were paid by increasing the amount of debt drawn under the expanded credit facility, have been capitalized as loan fees and are being amortized over the five-year term of the loan, beginning in the third quarter of 2010. An annual unused commitment fee of one-half of the applicable interest margin is charged quarterly based on the average daily unused portion of the expanded credit facility. There are no financial covenants associated with the expanded credit facility. Our notes payable is stated at book value, which approximated its fair value at March 31, 2013. Estimated fair values for notes payable have been determined based on borrowing rates currently available to us for bank loans with similar terms and maturities and are classified as Level 2 (significant observable inputs other than quoted prices) in the Financial Accounting Standard Board’s fair value hierarchy.

    Note 9: Capitalized Exploratory Well Costs

    We had $4.5 million and $5.2 million of capitalized costs related to our Plawce-2 and Tuchola-3K wells, respectively, which were in progress at March 31, 2013.

    They will have to write these cost off as a Loss thats 9.7 Million Dollar LOSS

    Ouch earnings are going to be really UGLY

    Sentiment: Strong Sell

    This topic is deleted.
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