My summary of the last interview Why has management not put out a press release explaining the new guidance. I have watched the recent interviews, and they have not even explained their plan. They actually sound like they have no idea what they are doing. The last interview went something like this:
We have a nice old guy named Brian who is trying to increase production, but we are not sure why he has not retired.
We might buy something close by that other companies are not interested in.
The reservoirs we thought were 90% full are actually depleted.
Our 18 well drilling program is down to 10 in the original property.
We are trying different things will drilling because things are not going well so far.
We are pinning all our hopes on Brooks now since the original property is not producing.
We want to spend $15M drilling 8 wells in Brooks, but we do not know when this will happen because it is still in the licensing process.
We are running a pilot with heavy oil that probably will not work, but at least we are trying to do something with the lousy heavy oil.
We cannot get the oil out of the old depleted wells, but there is some expensive technology that might help, so that is something else we might pilot.
We are looking at all kinds of things because we do not really know how to get more oil out of these wells.
We are not over promising, but based on the drastic reduction in our forecast, we obviously greatly over promised and will now under deliver.