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Back to What's Paying the BillsThe last financials indicate RMP is completely unhedged going forward (both dry gas and oil/liquids). My post on $PEAK a few weeks ago showed how bleak AECO C hedging was getting.
Nov 14 news release link is dead on IBR's so you have to go elsewhere to view it.
Corporate production on Nov 14 was 2100 boe (only 700 bbls oil and liquids). The previous BoD sold off Ante Creek, this BoD sold off Waskahigan. Elmworth has 3rd party op facilities so lower net backs. Over 2 months of declines later, 2100 boepd is likely lower now ...
Paltry $5 million credit facility.
$45 million cash will drop by $25 million if winter ops stay on budget. 1 disposal previously on the pad (there was an abandoned but cased strat well on the pad that was used for water disposal but obviously it wasn't sufficient). 2 more producers planned for the original 3-22 pad (currently drilling the 2nd one). Fracking ops not until late Feb. Tie-ins .... when?
2 more HZ wells to be drilled this winter to tie up land but fracking ops won't be until H2. But when will they be tied in?? Because how available is infrastructure where those 2 upcoming wells will be??
NCIB burning cash ...
I sold 90% of my remaining position since Monday last week. I hadn't been watching IBR closely for a few months but when I absorbed the above, I took action.
IMHO, Monday's NR was a good sign that IBR's management may see that this quarter was huge with respect to SP going forward. Perhaps
AIMHO and good luck,
JF
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