RE:RE:RE:Question Debtchurchofnutsacc wrote:
I agree with what you are saying but it appears to be a problem that plagues the entire sector. I remember owning Athabasca shares at a time when they were worth pennies and their management were awarding themselves performance shares at the end of the year.
Seeing Whitecap buyback 10 million shares one week, then granting themselves 1 million new shares out of thin air the next week.
Obsidian management paid themselves more in bonuses in Q1 2022 then the company paid back in debt for all of 2021.
Seems to be, if you want to be invested in this sector, you just have to deal with management teams who are primarily conerned with their own self enrichment.
you are right of course. I'm angry more at myself than anything really because I swore I would never buy an oil and gas equity because of what I wrote and what you have added. But PNe, while a complete spec at the time, was one I bought and did very well on was an exception. Then I drank my own Kool Aid and bought this dog again even though I knew better than to do so. The difference was Phil Hodge provided good communication with shareholders and still does.
GF sold Comaplex. This too should be sold for many reasons I have already stated and also now because there are even more regulations coming from the Feds and will increase op costs if they will even be able to operate properly depending on how the new regs look if implemented.
It is a good time to sell since energy prices are high and debt is not a burden at this point. Producers need reserves otherwise they are dying a slow death. At some point it has to happen in the industry I just wish it would happen sooner than later.
As I keep saying, we all reach a past due date in life and the best thing for shareholders is to sell especially since BNE is not even close to being on anyone's radar. They want and talk about shareholder loyalty but I don't see it returned. There is not much that can be done unless a professional activist shareholder surfaces to force change.