Shale financial info.

[Rob Kramer + 696]

Story: recently I've been watching a small Canadian shale company that's had questionable earnings. They had questionable earnings because wells under produced due to "experimenting" different frac stuffs. Theres a perma bull on their stock board that makes outrageous claims (based off management bending words to fit their bull story) that makes my day to read. But while reviewing their financial info to see what claims are true or not true I realized this * earnings (quarterly reports) have cash and non cash costs... but where they lack is in F&D (finding and developing) costs .... there hidden in reserves info. So a company can make a profit on paper even if the F&D of PDP (proven developed producing) barrels is higher than the cash costs of sustaining capex (personally I prefer all capex). 

OK so the question is ... why does F&D  not appear on in the quarterly or yearly (since reserves are yearly) report. Without the F&D costs you can "Profitably" add debt to add production say the debt is only x times earnings and is rising due to growth capex.  Aka a business model that never repays debt. Constantly moving goal posts .