Granite Oil Corp GXOCF

What just happened here?

[p.yu]

You really have to wonder what is going on with this company. The initiate a strategic review that goes nowhere. They cut the dividend 60% then follow up with a complete cut a month later. As the stock hits all-time lows as a result of their fumbling the ball not once but three times within 3 months, they then enter into a PP with mngt and their largest shareholder further diluting shareholders.

So what it tells me is they really have no clue what they are doing but somehow still have the confidence of their largest shareholder. They will blame differentials but the PP came after Alberta cut production and diffs improved dramatically. The stock price is here for a GOOD reason, this mngt group has lost the confidence of the market and will have a hard time getting it back. 

Meanwhile, look at O&G companies where mngt is buying back shares in the market, not diluting existing shareholders after being responsible for driving the stock price to all-time lows.