This was caused by selling a producing prop while upping cap ex during the Q4.It takes time to build levels of prod back up even to previous levels.
Since Wycross production was sold this stock has had a damper on it and do not know why, except that was a key lease. Sorry to see it go.
I e-mailed a buddy on eve of 1/28 recommending he purchase WFT in range of 13.20-12.00-now talk about missing the boat. Neither of us bought any. I still do have an earlier lot.
I see 19-20 a possibility this run up, but who knows.
Yes the axiom is the market looks ahead 6-9 months. I applaud your discipline. You will not be hurt LT. I have a feeling a bottom has not yet been put in. If S&P can't get past the 50dma which it is pushing against now, a retest of lows may be upon us. Think there may be opportunity to buy at a good level for the next month or so.
The entire oil industry has had a cash out flow as funds move on to what is currently considered more fertile areas for profit(undervalued) spurred by the general market minor correction. Check out other cos, mostly down 20-25% now after having recovered some.
Anyone know price per acre? Probably not too bad as this is in shallow less proven portion of trend.
They are including flared gas in figures.
Yes today it is.
Could it be bargain hunters, waiting flat mkt, and that crude is over 100?
Would you call that forward looking?
Yes LT this a buy here, though no way is this decline over. Meaningful news from SUD work is months away and the acquisition though will be news soon, will not add real value till what 6-9 months. Buying production simply adds debt for cash flow(I know about the sale of assets). Think low may be put in within 30-45 days from here.
What you fail to realize are all the hundreds of wells EXXI has been squeezing(flowing at high rate with large choke) to maximize daily production rates for stockholders which creates inefficient recovery with time, leaving segments of oil behind as water channels. This practice leads to a more rapid decline in flow rates in a couple of years and is not prudent operation. Many new completions must be put on line in order to maintain, never mind significantly increase, production levels. Now go ahead and give this thumb downs, but EXXI is a hyped machine extremely expensive to run.
rufus,how many shares can you get at a time? Vol is so low.
SP, I would predict wet gas(condensate) as the onlylikely fluid HC at the depths of their objectives(24000'+).
What would be the driver for higher earnings? They probably have less exp. in SUD area, but drilling most likely has not kept pace with declining production, so I see flattish to down Q4. If positive, would be from curtailing expenses, which is real trouble for the long term.
So I see lower SP, likely in the middling teens before this correction corrects; volume way too low to be near a bottom. Highlander results if extremely impressive could provide support at least temporarily for a rally to say 26 ish, though we need producing 75MMcf plus 2-3 KBCPD well turned into PL to have strong impact. These deep wells are still risky. I think the key here is this well is more similar to Port Hudson prod in the Baton Rouge, La, area than the SUD, so risk for commercial completion is much lower.