RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:CPG CEO SHOULD SPEAK UP I worked for a public company (not oil and gas) in an executive position for a very long time. It is not at all unusual for the Board to only see quaretely reports and in my case the Board barely paid any attention to those reports. The CEO may have seen more, but the CEO is not inclined to share anything with the Board that puts him or her in a negative light.
In any event, althought I would like the company do more hand holding with its shareholders at this time, I am way more interested in them getting some solid results on operations, divestitures and de-leveraging the balance sheet. These are within their control and should be what they should be foccused on. In my opinion, a lot of institutions got burnt by CPG when it continued to take on debt and issue shares even though it said it would not. The only way to re-build trust would have been to bring in someone from outside (we missed that opportunity) or to show consistent operating results and deleveraging the balance sheet to a point that company can withstand any prolonged depressed oil cycle. Postive free cash flow is king and will people back.
On a positive side 2P NAV for this company is anywhere from $14 to $24 depending on where you peg the price of WTI. I read somewhere that great companies trade at 2x NAV, good companies at 1.5x and average companies at 1x. Right now I will settle for average at the low end of the range. In my opinion, this is why CATION had dug it heels into this company as it has so much unlocked potential.
Best to all the longs - I am one of them.