What can one say about it .. "Completely true without being truly complete"
Observations ... seems very much like EM is trying to convince investors this is a good investor (OK then buy the the stock with your own money). Key concerns
1) The Reserves Report referenced is still from Dec 2019. Now I was under the impression there was another done as of Jun'30 (for the banking syndicate?) ... where is that. Would that have the impairments we have seen across many E&P
2) It would appear that SNDE has in fact monetized some of its hedges ... see slide 12 and the fine print note 1 at bottom
3) The use of 31/03/2020 dated information is "pitiful"
4) The 2020 Capital Plan remains a complete guess still other than slide 7, which implies at the midpoint of annualized guidance that $20M remained as of 31/03/2020 and of that most of it would have been used in Q2 (completing the 4 well Harlan Bethune pad which IP'ed late June). Also implied is the 2 well Washburn Ranch DUC has been completed. Which only leaves the 2 well Bracken pad to be completed. At say $2.5M for completion that should add up to $20M. It's not that hard to let people know what the company is doing if you spend your time managing the company and less time managing how to gain compensation from it.
5. Slide 8 is amusing (if not a shareholder) ... Mgmt "Strategic Response to Material Decrease in Commodity Prices" is
That's not a response ... it's a plea to remain open for business while I try an raise more OPM to repay banks and remain richly rewarded for doing so.
Good luck
SEA Price at posting:
16.5¢ Sentiment: None Disclosure: Not Held
