RE:FYI Seeking Alpha report on CPG...Crescent Moon Stall? also from the same article...
I pretty much agree with this. Buy back shares instead of drilling to much and save the oil for later when it will be worth more.
I hope they would also close down the hedges and stop hedging.
What CPG has done wrong
CPG has stuck to a model of expansion, while completely ignoring the market message. When your stock is trading at under 3X FFO, it is not a case for business as usual. We contacted management some time back and suggested that they should stop drilling and use every dollar of cash flow to buy back the company's stock. Barrels on the TSX are trading cheaper than what CPG can develop and get out of the ground.