CWEI closed @ 12 7/8, -1/4, Bid 12 3/4 X Ask 13...Vol..55.1K
Both CWEI and oil opened higher this morning. CWEI traded as high as 13 5/8 shortly after the opening, probably short-covering due to fear that oil prices would would boost oil stocks, but then apparently Greenspan, in his morning talk, said that oil prices should come down. Oil prices reacted immediately and went down, but eventually recovered and ended the day up 0.10. CWEI, after the brief flurry at the opening, traded down most of the day.
I just received a copy of CWEI's presentation at last week's Hanifen Conference. It included a map of CWEI's property with respect to the Sonat and Marathon pinnacle reef wells, the in-process Zackson Rachui #2 pinnacle reef well nine miles northeast, and the Broughton 3-D seismic survey being done on the area between between CWEI and the Zackson well. CWEI, in an Email today, said they should know something with repect to the well within two, or three weeks.
Again from the presentation, it appears CWEI's CFPS will be $5.14 for the year, well above analysts average expectations of $4.95, on revenues of $64.89M, and a net of $13.76M. MBOE improved from 2,972 in 1995 to 3,134 in 1996. Average oil and gas prices $20.85 and $2.65 in 1996 versus $17.35 and $1.77 in 1995. G&A expenses per BOE produced dropped from $1.24 in 1995 to $1.04 in 1996. Debt dropped from $45M in 1995 to $18.1M in 1996. Oil Reserves improved from 5.963Mbls in 1995 to 8.507Mbls in 1996.
But, as long as this stock is going down, none of the above numbers mean much.
Oil $21.10, up 0.10 (CWEI received $18.78 in Q1 1996)
Natural Gas, $1.92, up 0.01 (CWEI received $2.29 in Q1 1996)
CWEI receives a premium for the liquids in its natural gas, on top of the stated priced. |
