AMR - Blue Knight Energy Partners: Shoes Continue To Drop
Blue Knight Energy Partners (BKEP) began the year with an optimistic forecast for a better year in 2019. Then the Cimarron Express joint venture project with Alta Mesa Resources (AMR) fell apart. Alta Mesa Resources halted work on economic viability considerations. Alta Mesa Resources announced a disastrous fourth quarter and basically sought to "reset the clock" as the stock dropped over 90%.
That led Blue Knight Energy Partners management to write-off $10 million of money already spent. During the conference call, management explained that Ergon has a cost overrun put