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Crew Energy (CWEGF) released its Q1 earnings. The results confirmed, at Q1 oil and gas prices, the company isn't profitable. Due to the limited capital program, full-year production is still expected to decline.
The company needs to sell assets from its important asset base to reduce its leverage. During Q1, the company divested some land at a high premium to book value.
But this strategy has its limits. Over the last decade, production stayed flat. In the meantime, net debt and shares outstanding increased despite important assets sales. And, recently, management