Perhaps he took out the write-downs of assets and goodwill and losses on sale of assets and fx losses, all of which have been huge.
They pay off the senior debt with bank lines.....total debt is still the key as well as covenant.....total debt must get down to $1 billion to be manageable.
I wonder what was the loss on the sale! Yes pennies on the dollar.
I keep hearing how Tamarack stole assets from PwE and paid pennies on the dollar. PwE was fairly silent on the$91 million asset sale; guess we will find out more with the qtly results and see whether they incurred a loss on the sale.
If you want up to date info go their website and look at their June presentation. They pay a monthly divy; not all that well hedged; natural gas is a smaller % of revenue; they are growing production significantly in the Eagle Ford; and their long term debt matures well beyond 2020; and they raised $650 million of share capital in April to pay down debt. That's what I picked up from their presentation.