On
May 2, FPL released a "first" with their pledge of updating shareholders as follows (my highlighting)...
“With production of
100 BOPD at
US$60.00 per barrel
net toFremont, the Company becomes cash flow positive. This will occur in the current quarter given the larger sales volumes to local refiner Suncor, and factoring in their 60-day payment terms which are the industry standard in the United States.
“The immediatepriority is to continue growing production from the current well portfolio whilemaintaining our low cost base. We look forward to reporting on outcomes from work-overs now underway in Colorado, and
updating shareholders on the
cumulative monthlyproduction and revenue generated from both projects.”
With that notification came the April Production summary
Then on the
10th May came the much anticipated release (and also an expectation that on or about the 10th of ever month you would be notified of prior month production).
But you were neither given the production from each well (which they much have and which they are obligated to report to COGCC for which no production data can be retrieved) nor was the average sales price reported or the average total cost of the production so that you can see the often referenced "Company becomes cash flow positive".
Then on the 6th June came the next release (kudos the FPL ... early release)
Production report for June was noted to be in the Qtrly report released 30th July
No comment on the opaque reporting ... yes understand that accrual accounting is being done with the 60-day payment terms from Suncor ... but no disclosure on average price received on product sold during the quarter and nothing specific on operating costs and corporate costs to support the "Company becomes cash flow positive" claim made. Inference - just the lifting cost being subtracted.
Now half way through Aug and no report on July production? Can't use the Reserves report as an excuse as done by independent group and production reporting is normal business operations and required by the state of Colorado. Speaking of which ... just looked it up.
2018 Production Summary for Fremont County at the summary level
And by now the wells ... note the number of completions (i.e. wells)
plus Incremental Oil acquisition
Just what's been reported - no commentary.
