MCEP is a cheap stock. cost of buying and producing 1 barrel of oil is only $37.50 - they make money at $45/bbl
i think so. At current price you are buying reserves at less than $5/bbl; Its the operating cost that's hurting us. Let us go for a law suit
I am planning to write a letter to VP i/c of this trust at Whiting asking for detailed operating statement for latest quarter and then see what happens
I am in oil & gas production business. Our cost of production is less than $3000/well/month. Most are less than $2000/well/month. It is very disturbing that whiting is charging over $12000/well/month to operate these wells. We unit holders should protest
WHZ trust owns 1314 gross wells and 388.7 net wells. Normal operating cost per well should not be more than $4000/well/month hence quarterly cost should not be more than 4.664 MM$ (388.7x4000x3). The 10 MM$ plus operating cost is outrageous and should be audited. It seems that they are transffering all the cost to produce to the unit holder even though unit holders only own 30% of each well.
the latest quarterly report is showing distribution of 0.012/unit which was for last quarter. This quarter it is 0.158/unit which is in 8-K but 10-Q shows wrong quarterly report
Very true. CVX sold 73 B/d prod for 7.04 MM$ at energynet auction yesterday. Hold on to the shares they are the cheapest way to buy oil & gas prod
I know thats why I sold all my EROC shares today. EROC is worth only $1.78/sh if this deal goes thru and may be less if VNR keeps losing value