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Saratoga Resources Inc. Message Board

badmoon_ryzzin 220 posts  |  Last Activity: Nov 24, 2014 7:46 PM Member since: Nov 25, 2005
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  • badmoon_ryzzin by badmoon_ryzzin Nov 24, 2014 7:46 PM Flag

    By The Canadian Press
    MONTREAL - Cliffs Natural Resources is starting to lay off workers at Bloom Lake mine in Quebec in preparation for shuttering the operation next month.
    The Cleveland-based company says it will suspend activities at the mine about 30 kilometres southwest of Labrador City, N.L., by year-end.
    Cliffs (NYSE:CLF - News) said last week it would exit Eastern Canada amid low iron ore prices after failing to find partners to share the cost of a $1.2-billion expansion required to make the Bloom Lake operation viable.
    Steelworkers union representative Dominic Lemieux says layoff notices started going out to about 400 workers in advance of the closure.
    He says only about 80 workers will be kept on at the operation for care and maintenance. The mine is in an area known for iron ore deposits.
    Lemieux says the only hope for workers is for a buyer to purchase the mine and restart operations.
    Closing the mine is expected to cost US$650 million to US$700 million over five years, mainly from three years of costs required to be paid to the Quebec North Shore and Labrador Railroad owned by Rio Tinto subsidiary Iron Ore Company of Canada.

  • Reply to

    Why I bought PWT

    by iitriumvirate Nov 22, 2014 12:21 PM
    badmoon_ryzzin badmoon_ryzzin Nov 22, 2014 12:59 PM Flag

    another excerpt
    The above clearly indicates that PWT is undervalued on many metrics, but let’s face it, companies that are undervalued are a dime a dozen, buying a cheap company doesn’t not necessary lead to above average returns; what is needed is an understanding of the cause for that undervaluation, and whether steps are being taken to correct it. In the case of PWT, the causes for the undervaluation in my opinion were/are:
    • Historically Incompetent management (addressed)

    • - Inefficient operator (addressed and being addressed)

    • - Fragmented asset base (being addressed)

    • - Too much debt (being addressed)

    • - Over distribution (addressed to some extent but still high)

    • - Lack of a clear long term plan (addressed)

  • Reply to

    Why I bought PWT

    by iitriumvirate Nov 22, 2014 12:21 PM
    badmoon_ryzzin badmoon_ryzzin Nov 22, 2014 12:50 PM Flag


  • Reply to

    Lightstream up 22% today

    by georgia_stock_investor Nov 20, 2014 4:46 PM
    badmoon_ryzzin badmoon_ryzzin Nov 21, 2014 11:58 AM Flag

    I agree. They seem to have the technical engineering talent, but not the financial engineering talent. Using the anticipated proceeds from the latest sale to buy back shares around$4 would have sent a stronger message than their capital plan. Perhaps they will come to their senses after they see the impact on LTS.

  • Reply to

    CAGR = Compound Annual Adjusted Growth Rate

    by infinitidrivr Nov 17, 2014 11:14 AM
    badmoon_ryzzin badmoon_ryzzin Nov 17, 2014 1:01 PM Flag

    How do they square having production at 95-105K in 2015, when 2014 production was at least 100K; where is the 13% increase there? They did not mention Duvernay at all, guess they are trying to sell it.

  • badmoon_ryzzin by badmoon_ryzzin Nov 17, 2014 10:28 AM Flag

    Don't know why we waited 2 weeks for this. Nothing new as all this was said at the earnings release. Nothing said regarding dividend, asset sales and share buy backs. Holding for the long term.

  • badmoon_ryzzin by badmoon_ryzzin Nov 13, 2014 2:54 PM Flag

    PWE currently trades at 33% of book value while PGH is 65%.....the market does not like their assets or operations.....

  • Reply to

    Iran deal not going through

    by buyoutmaster Nov 13, 2014 12:00 PM
    badmoon_ryzzin badmoon_ryzzin Nov 13, 2014 12:58 PM Flag

    American greed and OPEC is just as stupid.....wonder what a 10% reduction in production would result in what % price increase ....sell your limited resource when prices are higher OPEC.....seems so simple

  • badmoon_ryzzin by badmoon_ryzzin Nov 13, 2014 12:51 PM Flag

    I do not understand management's current obsession with reducing debt. The ratio of debt to equity is not that bad; if they are selling assets then the proceeds could be more weighted to reduce share capital especially when the share price is so low and they could save 12% after tax on paying dividends while the 7-8% interest rate for their debt is tax deductible. Take the $350 million from the latest sale and buy back shares. If you sell Duvernay proportion the proceeds between debt and share capital. The reduction in total assets requires less capital both share capital and debt.

  • Reply to

    Makes sense?

    by lionelman17 Nov 12, 2014 2:02 PM
    badmoon_ryzzin badmoon_ryzzin Nov 12, 2014 4:54 PM Flag

    Back in July 2013 the share price was $12, don't know if the share price can stand another plan to enhance shareholder value under these guys.

  • Reply to

    Surprised Rig count drop so soon?

    by orthodoc88 Nov 9, 2014 8:44 AM
    badmoon_ryzzin badmoon_ryzzin Nov 9, 2014 8:14 PM Flag

    Keep blowing into the wind

  • Reply to

    3rd Qtr Results

    by badmoon_ryzzin Nov 7, 2014 10:26 AM
    badmoon_ryzzin badmoon_ryzzin Nov 8, 2014 8:52 AM Flag

    My point was that it is not controllable and it is not likely to repeat every quarter.

  • badmoon_ryzzin by badmoon_ryzzin Nov 7, 2014 10:26 AM Flag

    Anyone notice the $83 million expense for foreign exchange loss recorded in the 3rd qtr results....difference between the CAD and USD on their USD debt during the third qtr....otherwise their income before taxes would have been $90 million as opposed to $7 million....operating expenses and depreciation expenses were down 30% year to date compared to net revenue decline of 11%. Even financing charges were down as they lowered their debt. No doubt they will suffer revenue declines in the 4th qtr, but they are in way better shape than a year ago to weather the storm.

  • Reply to

    New info

    by adorsjohnson Nov 6, 2014 10:46 PM
    badmoon_ryzzin badmoon_ryzzin Nov 6, 2014 10:58 PM Flag

    What, not tomorrow ?

  • badmoon_ryzzin by badmoon_ryzzin Nov 5, 2014 2:24 PM Flag

    In the conference call, a question was asked about how much acreage is for sale outside the duvernay, no answer was given which I thought shoulder have been answered. They were adamant that the dividend will stay at the current level regardless of oil price. I am wondering whether the plays should be sold piecemeal and that value is greater than selling the whole company.

  • Reply to

    Let's talk common sense

    by carcorpgm Nov 4, 2014 6:27 PM
    badmoon_ryzzin badmoon_ryzzin Nov 4, 2014 6:54 PM Flag

    5% is 355 million
    100% is $7.1 billion
    Current market cap 2.1 billion

  • Reply to

    BNN news article concerning Duvernay

    by badmoon_ryzzin Oct 23, 2014 9:15 PM
    badmoon_ryzzin badmoon_ryzzin Oct 24, 2014 10:37 AM Flag

    Just reporting an analyst's opinion.....depends on test drill results I suppose......I don't have an opinion either way

  • badmoon_ryzzin by badmoon_ryzzin Oct 23, 2014 9:15 PM Flag

    "Whether or not he was forced into this latest transaction, the expectations of further asset sales is continuing. Greg Pardy of RBC says the company’s 151,000 net acres in the Duvernay play spanning the Alberta-British Columbia border will be next on the auction block. Penn West is hoping to get as much #$%$000 per acre for those shale lands, which would net the company $755-million and push total asset sales to $1.8-billion. "

  • Reply to

    You can't teach an old dog new tricks.....

    by mdb4403 Oct 23, 2014 11:04 AM
    badmoon_ryzzin badmoon_ryzzin Oct 23, 2014 3:28 PM Flag

    Be prepared to be about 10,000 volts?

  • badmoon_ryzzin by badmoon_ryzzin Oct 23, 2014 1:38 PM Flag

    1. Dividend is safe
    2. There are no liquidity issues
    3. F/S are clean
    4 There is potential for growth
    5 Oil prices are manageable
    Got it Roberts?

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