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Braden Holt  

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  • Putting Kodiak's Valuation Into Perspective [View article]
    I don't disagree with what you've said, they're certainly not at the stage where they need to be spending within cash flows but they've been very dilutive (as many shares outstanding as EOG) and have issued a moderate amount of debt to get to this point. I know you can buy back shares and retire debt, but they're a long ways from being able to do that. KOG is still a buy for me at this valuation, but it's not without risks. People forget how cyclical oil prices can be, particularly when you consider the systemic risk in the market today.
    Sep 24, 2012. 05:02 PM | Likes Like |Link to Comment
  • The Bakken And The Mississippian Lime: A Comparison [View article]
    Good point, there's definitely analysis to be done there. If you're curious, an easy way to get some preliminary data would be to dig through presentations of Lime companies and look at the upside price decks on their type curves.
    Sep 17, 2012. 04:42 PM | 1 Like Like |Link to Comment
  • The Bakken And The Mississippian Lime: A Comparison [View article]
    Thanks for taking time to read the article and for the feedback guys.
    Sep 17, 2012. 04:39 PM | 1 Like Like |Link to Comment
  • The Mississippi Lime: Reading Through Austex Results [View article]
    Who are the "smart oil investors"?
    Aug 25, 2012. 10:53 AM | Likes Like |Link to Comment
  • Debt In The Oil And Gas Industry: How Much Is Too Much? [View article]
    The purpose of this piece was to show that the dynamics of an industry in part dictates a company's capital structure (You can choose to disagree with me on this point, but have some facts to back up your argument). Because the oil and gas industry has characteristics of multiple industries, companies have different capital structure philosophies. I did mention at the end that because of this, there's not a "perfect capital structure" for all companies.

    Most companies borrow to finance leasehold acquisitions in the oil and gas industry. SN has no debt because they are a start-up with very little production to borrow against.

    There are certainly other ways you can look at debt in the oil and gas industry. If I was working in corporate finance for a company, I would create an index of similar sized companies and see how they are financing themselves. For this analysis, I purposely looked at a broad mix of companies in hopes of finding an industry average.

    I do appreciate the feedback though, thanks guys.
    Jul 29, 2012. 03:07 PM | 1 Like Like |Link to Comment