Big Banc Split Corp T.BNK

RE:RE:RE:RE:To whom it may concern

[Threemill]

Original team who found the property was Abby Badwi and their Geologist Ian Mcmurtie (spelling). This is the prize!!!!!!!!!!!!! They found an amazing asset and this is what created the story i.e. an opportunity for a good team to execute and grow a business. Back in 2011 markets offered a good time for them to be gaining trust in the investment community, by executing their existing playbook, strategiclly lowering declines (were trying), increasing reserve life (check), increase cash flow and ensuring their balance sheet was intact. Missed many marks. Guided expectations poorly.&nbsp;&nbsp;Too enthusiastic and created high market expectations on delivery which didn&#39;t land. Good strat on getting into the play missed execution.&nbsp;<br /> <br /> 2013 new mgmt. comes in. Many learnings had taken place and the market &nbsp;needed new faces. They did start executing better and managed market expecations much better.... lesson previosuly learned nevertheless did it. So execution wise did well, in fact very well compared to the founders. Strategically (metric) Albania was always a big market risk to operate in (was discussed for years as highly risky!!!). Albania dispute occurs... ouch, value drop. Financially (strategy metric) the mgmt team had a good cost of capital with new mgmt team and they could have raised money and diversified their political risk. Bottom line they didn&#39;t raise money &nbsp;to diversify. Then they tried later and couldn&#39;t raise the money. Welcome to public markets. Nasty. And also why some of the best are so amazing. I.e. Vermilion got it right and diversified any geopolicatlcal risks. We&#39;ve seen so many international companies play in risky environments who dont diversify their political risk and are sunk. They had the execution team to go into a new asset. Experienced mgmt teams know you raise money when you have a good cost of capital. I.e. Tourmaline, Seven Gen, ARC Resources, Raging River etc. Lesson learned. For the rest, they&#39;ll be better next time and so will this team. 2nd mgmt good execution missed strat. This team would do better with private money...<br /> <br /> Agree or disagree it&#39;s how I see it. I&#39;m not a critique as I know it&#39;s a tough game but that&#39;s what makes some of these oil company leaders amazing.&nbsp;<br /> <br /> www.retirementrush.com<br /> &nbsp;