Well,
It has been awhile since we looked at quarterly results. Since the quarter is coming to an end I would like to make my estimates. I will base them on equal production number for the 3rd quarter
Oil - $24.33/bbl average x 521000 = $12,677,666
Gas - $3.00/Mcf average x 1,367,000 = $4,101,000
Natural Gas Service $1,000,000
Total = 17,778,666 = 14% increase in total revenues,
Assumming the same expenses and operating income of $12,114,000
Net Profit = $5,664,666 ( a 64% increase in net! 3q=3,470,000) 8.9 millon shares outstanding,
EPS = .64 (4q95 was NEGATIVE ($1.72) per share)
Cost and expenses might increase due to the addition of the third rig, however the interest income should come down about 1/6 due to the new offering this equates to about .02 per share.
I was a bit conservative on the oil and gas prices for december($25, $3.30 respectively. The cost of the 3rd rig could be about .09 per share if paid for all in the 4th Q.
CWEI has consistently beat Rodman and Renshaw estimates. I figure they did a little fancier calculation and came out with about the same estimate. |
