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Crosstex Energy, AŞ Message Board

timhotep 3 posts  |  Last Activity: Jul 1, 2015 2:58 PM Member since: Mar 11, 1999
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  • Reply to

    over and under

    by turnoutthelites Jun 30, 2015 8:38 AM
    timhotep timhotep Jul 1, 2015 2:58 PM Flag

    Not going to happen.

  • If successful, the Company could significantly restructure its balance sheet, which currently has $940M of debt and $416M of preferred notes. Combined with other capital-raising activities that aim to raise $200M+, we could be looking at a significantly restructured Company. If $650M is raised through a Eureka sale, the Company would have the benefit of not carrying any of the significant capex burden for building out the midstream, significantly reducing cash burn, and would imply a Proved-only NAV in our model of $2.20/share, a 26% premium to the current share price that does not contemplate any upside from undeveloped upstream properties such as its 122k net acre Utica/Marcellus position (note that it just monetized 5.2k net acres in Tyler, WV for $6,800/acre). We expect shares to respond very strongly today on the announced intention to divest of Eureka Hunter.

  • Bend over, boys, you're about to get crammed.