FXEN reported a big loss for the quarter but it is primarily caused by the large Foreign Exchange Loss. The adjusted loss of 3 cents per share was better than my forecast. I was expecting a loss of 5 cents per share.
FXEN uses the Successful Efforts method of accounting, so they must expense all seismic costs. This distorts results for a small exploration company like this. There wil be even more seismic costs in Q4.
FXEN is all about production and reserve growth. They are now drilling some very high potential wells. Putno 2 is the big Home Run shot for us.
I will have my adjusted forecast up on the website tonight.