We're Being Diluted By About 150,000 Share Per MonthTotal outstanding shares as of January 1st, 2021 was 33,511,316
Total outstanding shares as of September 30, 2022 was 36,238,029.
Add in November's option bonanza and we're up to about 36,638,029
So that is roughly 150,000 added, per month over the past 20 months and shareholders have nothing to show for it. We've made no acquisitions. We have received zero return on capital.
Nearly every O&G name on my watchlist is REDUCING shares. This is the only one I can think of that is increasing its share count. Even Whitecap managed to make an acqusition without issuing a single share.
A reminder that the only reason to be invested here is the low share count. The assets are nothing spectactular and the production numbers are run of the mill. Are we just going to constantly be dilulted month after month?