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GMX Resources Inc. Message Board

pocilujko 13039 posts  |  Last Activity: 16 hours ago Member since: Oct 4, 2003
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  • We may see Abraxas July's Production by Well tomorrow .

    ED

  • Reply to

    One Question I Want Answered?

    by riskrewarddd Aug 25, 2014 8:55 AM
    pocilujko pocilujko Aug 25, 2014 6:05 PM Flag

    BcBubba;

    I suggest you look at the quarterly P &Ls and the Quarterly Balance Sheets.

    Note the Trend Revenues are falling while Debt and Accounts Payable are growing.

    You pick a lousy comparison to try to make USEG look bad.

    You are like Margin; you both do little or No Due Diligence and waste investor's time reading both your garbage postings.

    ED ( back to drinking my warm Diet Dr. Pepper)

  • Reply to

    One Question I Want Answered?

    by riskrewarddd Aug 25, 2014 8:55 AM
    pocilujko pocilujko Aug 25, 2014 5:27 PM Flag

    USEG can become another NOG by borrowing $700 Million.

    Is that what you want?

    Non Operators need a fixed amount of employees despite higher Revenues from Non Operating Wells.

    ED

  • Reply to

    One Question I Want Answered?

    by riskrewarddd Aug 25, 2014 8:55 AM
    pocilujko pocilujko Aug 25, 2014 4:34 PM Flag

    Gee Bcfbudda:
    You pass yourself off as a financial person:

    1. The Company acquires leasehold interests that comprise of non-operated working interests in wells and in drilling projects within its area of operations. As of June 30, 2014, approximately 60% of Northern’s 186,695 total net acres were developed.

    2. NOG is a NON Operated like USEG with just a larger total Acres.

    3. NOG has $700 Million in Debt.

    4. NOG had a los in the 2nd Quarter while USEG made a profit.

    5. Margin is just like you.

    ED

  • pocilujko pocilujko Aug 25, 2014 4:10 PM Flag

    Last Quarter:

    Petroleum Revenue Tax ("PRT") Expense
    $ 2,243,000

    Six Months:
    $3,968,000



    From the 10Q

  • Message #224 on Investor Village; "PQ" Message Board.

    Some Info:

    24 Hour Test on 06/29/2014:

    9,113 MCF of Natural Gas

    54.5 Barrels of Condensate.

    ED

  • pocilujko pocilujko Aug 22, 2014 4:48 PM Flag

    I post the Link on Investor Village.

    YAHOO doesn't allow any Links.

    I also post the Texas RRC Production Reports on Investor Village.

    ED

  • Reply to

    A few fundamental facts...for worry warts.

    by bogwa1406 Aug 20, 2014 9:09 AM
    pocilujko pocilujko Aug 21, 2014 11:36 PM Flag

    " keep saying this stock has all the same attributes that KOG "

    You can be serious; KOG kept borrowing to drill and buy more Leases than they could handle.
    KOG was lucky to get a Deal to be bought out.
    AXAS has kept its Borrowing to the minimum. AXAS its using Cash Flow and Sales of Non Core Assets to drill. Abraxas selling more Shares increased its Equity and made Abraxas able to acquire
    more Leases and expand its drilling.

    KOG; please. Consider yourself lucky that Whiting bought the High Debt ($2.3 Billion);
    High Outstanding Shares (267 Million);
    and poorly run company.

    ED ( Where is that Diet 7 Up to calm me down)

  • Reply to

    AXAS VALUE

    by hoopfan_2001 Aug 21, 2014 3:19 PM
    pocilujko pocilujko Aug 21, 2014 7:41 PM Flag

    Infinity Plus $1 more.
    Why settle for less.

    You should have said seven months to coincide with the 2014 10K coming out.

    Does anyone want to sell in Mid Winter when Natural Gas prices are Up?

    ED

  • Reply to

    Assumptions for Q3 : $ 95 oil

    by bcfbubba Aug 21, 2014 9:46 AM
    pocilujko pocilujko Aug 21, 2014 6:32 PM Flag

    As long as Oil stays under $97.00; USEG will have an approx. $500,000 Gain on Hedges in the 3rd Quarter vs. an approx. $600,000 Loss on Hedges in the 2nd Quarter..
    That is an approx. 4 Cents a share Postive swing in Earnings Per Share.

    ED

  • pocilujko pocilujko Aug 20, 2014 5:42 PM Flag

    So far the drilling of the Well hasn't hit any problems.
    Last Week's drilling was very good.
    Problems don't usually show up until the 15,000 feet Depth. The deeper you go; it seems more problems arises.
    I am looking forward to see what size Casing is used next; PQ used a 20 inch Casing up to 4,500 feet. Usually PQ uses a 13 5/8 inch casing at approx. 13,000 feet depth.

    ED

  • Reply to

    Tremendous low cost, efficient operations

    by chris494847 Aug 19, 2014 9:27 PM
    pocilujko pocilujko Aug 20, 2014 5:16 PM Flag

    Be careful in throwing numbers around:

    " LOE for the three months ended June 30, 2014 decreased to $5.8 million from $6.2 million for the same period of 2013. LOE per Boe for the three months ended June 30, 2014 was $12.72 compared to $16.49 for
    the same period of 2013. The decrease in LOE was primarily due to significant non-recurring LOE and the sale of high cost properties during 2013. The decrease per Boe was due to higher sales volumes as well as lower overall costs for the three months ended June 30, 2014 as compared to the same period of 2013."

    " due to significant non-recurring LOE and the sale of high cost properties during 2013"
    This usually means high Well Workover Costs on existing Wells.
    Also the mixed has changed with way higher % of Oil vs Natural Gas which lower LOE per BOE.

    The actual Costs per Well in Dollars might not have changed much for existing Wells that weren't sold.
    Also the Newer Wells are more higher producing Wells where higher Revenues are divide by a Fixed Costs.

    Besides being a Retied Controller; I did all the Cost Accounting.

    ED ( need to get another 2 Liter Bottle of Warm Diet Dr. Pepper.)

  • Reply to

    A few fundamental facts...for worry warts.

    by bogwa1406 Aug 20, 2014 9:09 AM
    pocilujko pocilujko Aug 20, 2014 4:54 PM Flag

    " 3 other Bakken wells (owned 71%) coming on stream "
    Those Three Wells are the Stenehjem Wells.
    "Abraxas owns a working interest of approximately 76%, 51% and 73% in the Jore Federal, Ravin West and Stenehjem wells, respectively.

    Coming on stream is a while off since neither of the three Stenehjem has their horizontal Lateral drilled and will need to be Completed (fractured).

    The Good News is that Abraxas has already Permitted Four Jore Federal Wells to be drilled when drilling is completed on the Stenehjem Wells.
    The Jore Federal Wells are #5H; #6H; #7H & #8H.
    Nice to have 76% Working Interest Wells drilled.

    Note: The timing of the Jore Federal Wells to be drilled and Completed will be tight given that Abraxas doesn't want Bakken Completion done in Winter.

    ED

  • Posted on Investor Village, Message # 219; PQ Message Board.

    ED

  • Reply to

    Second Quarter Average Proice of Oil for Abraxas

    by pocilujko Aug 11, 2014 7:53 PM
    pocilujko pocilujko Aug 12, 2014 6:40 PM Flag

    First you posted that this came off their Financials. WRONG ! You Idiot(Arm iidiot).
    It came off Abraxas Press Release.

    The Financials are the 10Q; which I posted.

    Hedges has nothing to do with Selling Oil or its Price.
    Did you read the whole Press Release:

    "Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically from period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815, “Derivatives and Hedging,” as amended and interpreted, and require Abraxas to either record an unrealized gain or loss based on the calculated value difference from the previous period-end valuation. For example, NYMEX oil prices on June 30, 2013 were $96.56 per barrel compared to $105.37 on June 30, 2014; therefore, the mark-to-market valuation changed considerably period to period. "

    No where does it EFFECTS the Price of Oil.
    If you bother to look at the 10Q (FINANCIALS; OFFICAL SEC)., you will be see the Revenues are not effected by the Hedges but show up in Other Income Expenses on Page #8 Statement of Operation.

    ED ( Where do these idiots come from?) I need another 7 Up.

  • pocilujko pocilujko Aug 12, 2014 4:32 PM Flag

    Me2:
    Page 16 of 10 Q:
    "At June 30, 2014, we were in compliance with all of our debt covenants. As of June 30, 2014, the interest coverage ratio was 20.66 to 1.00, the total debt to EBITDAX ratio was 0.62 to 1.00 and our current ratio was 2.34 to 1.00.
    Abraxas said they would keep under 1.00 on EBITDAX

    Abraxas has a $162.5 Borrowing Base and they have only borrow $37 Million with approx. $125 Million to go.
    Cash Flow covered 38% of first half CAP EX.
    Remember Jore Federal just started producing in Late May. All pure Cash Flow from 3rd Quarter on since its CAP Ex is paid.
    Remember Production (Cash will be flowing from the two Rib Eyes; the Dutch#1 and the late 2nd quarter R. Henry #2 Well which most of CAP EX is the 1st Half CAP EX.
    We shouldn't' forget the Four Ravin Wells whose drilling but not Completion Costs are also in the fist half CAP EX. The Ravin Wells are just starting to Produce( More Cash).

    No way is Abraxas running out of Cash since the Borrowing Base will increase with the New Reserves from the New Wells.

    Me2; I would have to rate your post as one on worst that I read. You haven't the slightest idea what it takes to run a Oil & Gas Company.

    ED (I need a really warm Diet 7 Up to settle my stomach after reading the Bull Me2 posted)

  • Reply to

    Second Quarter Average Proice of Oil for Abraxas

    by pocilujko Aug 11, 2014 7:53 PM
    pocilujko pocilujko Aug 12, 2014 4:01 PM Flag

    Arm:
    You are not making any points; You are not comparing Apples to Apples.
    WRES has no Crude Production in the Bakken which is the Lowest Price Crude due to Cost of getting the Crude Oil to Market and the Glut of Oil there.

    The same would happen if you try to compare a Non Marcellus Natural Gas Producer to a Marcellus Natural Gas Producer were Natural Gas Glut and lack of pipelines cause Natural Gas Prices to hover around $2.50 MCF.

    From the posts you have posted; you are better off not posting to prevent reader to know your limited Knowledge..

    ED

  • Message #8286 on Investor Village; "AXAS" Message Board.

    ED

  • See Message #8285 on Investor Village, "AXAS" Message Board.

    Some Highlights:

    Initial Test: 24 Hour on 07/10/14

    NOT ON PUMP
    773 Barrels of Oil Per Day

    43.5 Degree gravity:
    "Generally speaking, oil with an API gravity between 40 and 45 commands the highest prices. Above 45 degrees the molecular chains become shorter and less valuable to refineries.[3]"

    667 MCF of Natural Gas per day/
    Good Flowing Pressure
    8,000 feet of Producing Lateral.

    ED

  • Reply to

    R Henry Well Completion Report

    by pocilujko Aug 11, 2014 7:44 PM
    pocilujko pocilujko Aug 11, 2014 7:59 PM Flag

    The R. Henry #22H Well is on Pump.

    ED

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