- Net production revenues (after royalties) in Q2-2010 were $2.98 million, down from $3.31 million in Q1-2010. Revenues dropped QOQ due to lower commodity prices, offset by a slight increase in production.
- Operating costs dropped significantly QOQ in Q2. Management attributed the drop to efficient cost cutting in Wyoming and California, and elimination of redundancies.
- Lower production and commodity price forecasts prompted us to lower our short-term revenue/EPS forecasts.
- The company has drilled five new wells (in Wyoming) since July – all of which are at various stages of completion.
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