One thing that is really hurting these share prices is the "Quite Period" before they release 2nd quarter results. 2nd quarter results will start pouring in next week with CXO, RRC and SM kicking off what should be decent results for the quarter.
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Bonanza Creek Energy, Inc. Comments on Recent Market Conditions & Provides Update on Participation in Upcoming Investor Conferences
Denver, July 22, 2015 - Aside from general weakness in oil and gas commodity markets, Bonanza Creek Energy, Inc. (BCEI) (the "Company") is unaware of any fundamental reason, catalyst or material adverse event that would account for its significant relative stock price underperformance in recent weeks. We are looking forward to sharing developments about our business pertaining to cost efficiencies, buildout of our midstream infrastructure, encouraging recent extended reach drilling results in our Northern Wattenberg Field acreage and overall business updates in our upcoming quarterly earnings conference call. The Company is concerned about speculative misinformation having led to a significant increase in the Company`s short interest despite its record high current production rate, ample liquidity including substantial availability under the Company`s revolving credit facility, strong balance sheet with a lack of term debt maturities until 2021, and recurring evidence of sustainable capital cost reductions and field development efficiencies.
The Company is pleased to be presenting at the following investor conferences:
August 17-20: EnerCom`s The Oil & Gas Conference in Denver, CO < I will be attending EnerCom. - Dan
August 26: Heikkinen Energy Advisors Energy Conference in Houston, TX
September 8-10: Barclays Energy CEO Conference in New York, NY
September 16-17: Credit Suisse SMID-Cap Conference in New York, NY
September 28-30: Deutsche Bank Leveraged Finance Conference in Scottsdale, AZ
September 28-30: Johnson Rice & Co. Energy Conference in New Orleans, LA
BCEI defends stock price
BCEI defends stock price
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: BCEI defends stock price
July 23: Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (AXAS) today commented on recent market conditions.
Aside from weakness in the general commodity markets, Abraxas is unaware of any fundamental reason for the Company’s recent stock price underperformance. Abraxas notes that the Company exited June 30, 2015 $108 million borrowed on the Company’s $165 million borrowing base. With an additional nine well completions during the quarter, and only bank debt (as well as nominal amounts for a building mortgage and rig loan) in the Company’s capital structure, the Company is very comfortable with its asset coverage. Additionally, with a $55 million capital program that approximates forecasted cash flow, the Company remains comfortable this strong financial positioning should continue through 2015. Moreover, the Company reiterates that in outer years, it currently forecasts it can hold production at over 7,000 boepd running a one rig Bakken program, which approximates a $50-$60 million capital program. Abraxas also reiterates the Company’s 2015 production guidance of 6,500-7,000 boepd.
Abraxas plans to close out the Company’s second quarter production and financial results the week of July 27, 2015. In the coming week Abraxas will also have 30 day rates for the Company’s four Bakken and two Eagle Ford completions. When these results are available, Abraxas will furnish them to the Street.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and onshore Gulf Coast regions of the United States.
Aside from weakness in the general commodity markets, Abraxas is unaware of any fundamental reason for the Company’s recent stock price underperformance. Abraxas notes that the Company exited June 30, 2015 $108 million borrowed on the Company’s $165 million borrowing base. With an additional nine well completions during the quarter, and only bank debt (as well as nominal amounts for a building mortgage and rig loan) in the Company’s capital structure, the Company is very comfortable with its asset coverage. Additionally, with a $55 million capital program that approximates forecasted cash flow, the Company remains comfortable this strong financial positioning should continue through 2015. Moreover, the Company reiterates that in outer years, it currently forecasts it can hold production at over 7,000 boepd running a one rig Bakken program, which approximates a $50-$60 million capital program. Abraxas also reiterates the Company’s 2015 production guidance of 6,500-7,000 boepd.
Abraxas plans to close out the Company’s second quarter production and financial results the week of July 27, 2015. In the coming week Abraxas will also have 30 day rates for the Company’s four Bakken and two Eagle Ford completions. When these results are available, Abraxas will furnish them to the Street.
Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and onshore Gulf Coast regions of the United States.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: BCEI defends stock price
These guys remind me of a deer in the headlights. I guess they haven't checked the price of oil lately. Do you think they are going to come out and say something bad?
Re: BCEI defends stock price
Actually the 2nd quarter results for our portfolio companies will be good. What's going on now is that investors and fund managers are dumping everything without looking at the fundamentals. Most of these companies have a lot of their production hedged.
IMO this is the 3rd and final test of the low for WTI. This is EXACTLY what happened in 2009.
IMO this is the 3rd and final test of the low for WTI. This is EXACTLY what happened in 2009.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group