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Gold/Mining/Energy : Big Dog's Boom Boom Room
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Celtictrader
To: DELT1970 who wrote (180796)10/3/2013 5:18:54 PM
From: Ed Ajootian2 Recommendations  Read Replies (2) of 206325
 
Delt, Osage Exploration (OEDV) -- do you have a link for that presentation? I can't find one on either Osage's web site or ipaa.org .

I suspect that the financing picture will become a lot clearer in about 3 weeks or so -- that is when they need to cure their covenant bust with Apollo or issue some more penny warrants. I believe Osage is working on a new debt facility with someone new, on better terms and/or with increased availability. Based on what EnerJex has been able to get, Osage should have no problem with this.

EnerJex just announced $38M of availability on their reserved based facility, with interest rate of just 3.3%. This amount of availability works out to 64% of their proved developed reserves (which now include Black Raven's reserves as a result of the merger that closed on Monday), 80% of which are PDP. Osage has $23M of PD reserves, 87% of which are PDP (slide 25). 64% of $23M would be close to the current balance of the Apollo facility, which is $15.5M. Osage is not looking for such a low interest rate though, which should allow them to have plenty of additional availability on their new loan.

Osage seems to think that they should have no problems getting some new financing pretty soon given that they are providing guidance of 4Q cap ex of $7.7M (slide 26), a figure that is well north of expected 4Q cash flow. They currently have zero availability on their Apollo facility as far as I can tell.
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