Management and large players are buying at these ridiculous low levels ... New turn around have caught the shorts. There is a disconnect between the share price and the companies stable positions. It has been misread by the industry as to Comstock's overall operating position . Our first two re-fracs of producing Haynesville shale wells were also successful and added bonus,
Liquidity- In March, we completed a $700 million bond offering which paid off our bank credit facility and added liquidity to our balance sheet. On July 22, we completed the sale of our East Texas Eagle Ford operations to a private firm for $115 million. Burleson County properties Security- We have no debt maturities until 2019 . Pro forma, Comstock has ~$233 million in cash on hand which provides it ample liquidity with which to manage going forward. Comstock no longer has a bank facility that's limited to a borrowing base. GAS hedged. In March, we completed a $700 million bond offering which paid off our bank credit facility and added liquidity to our balance sheet.
PRODUCTION Gas production was up 35% from the first quarter rate of 91 million per day. We expect our Haynesville production to continue growing in the next two quarters. For all of 2015, we estimate our gas production will average between 125 million cubic feet per day to 150 million cubic feet per day. HEDGED - We recently added some natural gas hedges at $3.20 per Mcf starting in July for the next 12 months . We will continue to safeguard our balance sheet and with the recent closed shale of our East Texas Eagle Ford properties we have $283 million of liquidity and have significantly reduced our spending for the rest of the year to conserve this liquidity. CC said- they are set for cash for the next year or so, despite the low energy prices. They have had enormous NG volumes with their new drilling methods in the Haynesvile(23 MMcfg./d. average for 5 wells). About 3/4's of the way through the call they said the production was steady after 90 days. That's a big deal, as normally, it falls well below then.
Their re-fracs are doing extremely well, going from 500M to 4MM on one well. They have thousands of drilling locations. It's almost like they are talking about a much larger company, with all the wells they could drill. They don't have pipeline take or pay issues, they get higher prices from being close to the end user. A lot of the NG will be used a short distance for all the new chemical and plastics plants being expanded or built in Texas or LA.
45% shorts . They better play a lot of games or the margin calls will wake them up. Many put the pressure on this tell it was a must buy. They are getting a taste of their own medicine. You don't see me selling in AH If you get a chance to buy around 2.5 , I would hop on it. This could be at 5 in a heart beat. This has ran before and it took no prisoners . The shorts had a great chance to cover and should have took it. THEY are pigs.
Its running hard. PEOPLE should buy a bunch just to hold tell the rebound. IF this is it you will always look back and kick yourself. Its not rocket science at this point.
Social media is a buzz about Shanghai markets being propped up the last two days by the Government after 6 days of losses. They have to stabilize the losses. Its very volatile.
I didn't see those buyers coming in to the markets. After noon crowd was a bunch of bulls. I HOPE WE CAN TAKE THEIR MONEY TOMORROW.
I lost three days gains in one day. Nice come back for you today. I figured it would fall like the day before. The last month has been tough for technology. I figured the markets would sell off like before after lunch. The markets are moving big every day. I bet you cant put two winning days together as the last two weeks have only seen a couple up days. It will be interesting.
PTR is only know trading the fundamentals. If you are bullish on oil going up you should do well. Its trading about ten times earnings and book. Same with your SAN. With the financials getting wacked again it should follow them down. I am 80% cash and 20% short the markets, This is the first time in 7 or 8 years I have had a big short position. Before my heavy oil losses I was in cash clear back to January. OIl got me back in the markets and I have did nothing but lose this YTD. The shorts lately have been refreshing. I am looking to go long WLL, OAS, BXE, PAA and PAGP .... PTR is very interesting right here and its 4% divvy isn't bad. I don't know if we can trust the asset values as most oil companies are way under book now. I put PTR in the same category as SNP, XOM , CVX and RDS all trading at book and earnings..... I am a little more adventurous and I am looking at ECA again. They could just hit it out of the park. EVEN, PBR has my eye again- its a matter of trust at PBR ... They are a little on the gray side. Not totally bad but cloudy.
I was like you thinking the best and paying off debt using the dividends. The numbers are bad adding a billion in debt every year for the last three. Then the assets keep going down every year. Quarter .... Stockholder Equity show them loosing 400 thousand a quarter 3,861,329 4,126,503 4,543,605 4,932,133 .... I got to the point I had to through the towel in. The ten billion in debt is a heavy load. The stock does have assets and book value before they keep spiraling down. I could see some body paying a good premium as they still have some value down here. Will it happen???? I used to think it would.
I was so sure of my self buying this at 11 dollars. Down from 30$ I felt invincible. Now at two dollars I don't want to buy and I am scared to pull the trigger. The CFO was the nail in the coffin. HE alone is only one of a few that knows what is going on.
S & P has lost trillions in value this last week alone. POOF gone. It took 5 years of hard cash to create the over sold mentality. RIGHT Now numbers should be evaluated and set aside from common mis conceptions' and herd mentality. People could get skeptical again ..If they do we can not explain Financials and the Biotechnology sector. , THEN, fundamentals and Technicals mean alot. I just got my head handed to me jumping into oil buying the sector down 50%. GUESS WHAT. !!! It dropped another 25% .......... I had to take an oil beating to wake me up again.....
Please tell me what you see. I see fundamentals, Technicals and the sector. I am not short and was looking at going long just because of the losses lately and past. Every thing is stacked against you.
I just looked at the earning estimates, book, tangible assets, energy out look, market, and guidance. Good luck staying above 6 dollars.
That's amazing how they put in 10 million to pop up the futures and morning trades to pull 50 million out and get it safe. Most of us have a three day settlements and get stuck in traps that chase run ups on cheap China press about interest rates and China throwing pocket change in a down cycle. China is in a serious down turn and we could be hurt along with them having over valued markets. It will be interesting if we close green for a day. The bulls are protecting their Financial and Biotechnology gains of 60 to 80% for the last 4 years.
They all ran the last hour..... Good call as no body seen the last hour coming. Tomorrow will be bad for bulls. Demoralizing
Picture perfect ending of the day. The bulls just got the big one and may not come back for more. We could have a very good day tomorrow. All the wind sent out of their sails the last hour.