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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (42089)	3/31/2011 1:30:59 PM
From: Jurgis Bekepuris	Read Replies (1) of 78525

GMXR and its pref: Can you explain why they have huge "Impairment of oil and natural gas properties and assets held for sale" for the last 3 years? Did they buy some assets that suck so much they have to be impaired for 3 years running? Is it because they are gas-heavy and natgas prices keep crashing? I find it disturbing that E&P has to impair assets during a year when oil price went up to $90 or so. Balance sheet is a mess. There's debt, then there's prefs accounted as equity but which really is about another 50M of debt (look at how MHR accounts for prefs), there's no cash. IMHO GMXR pref should drop quite lower to be attractive. At least MHR has cleaner balance sheet.

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