RE: unhappy times...First with respect to the $4.00 number ...lets do the math...
on a very conservative basis recovery factors in the Barnett are 10% of Original gas in place. IE if you have 130bcf per sq mile or per section or = to 640 acres then you would have 13 bcf recoverable gas per 640 acres. I won't bother doing the math for you but will if someone asks...it equates to roughly 1 TCF of gas recoverable per 55,000 acres. Care to tell me what a TCF of gas is selling for in the US ? last transactions were $3.00 per mcf in the ground ie $3 billion.
so even if BNK issued another 50 million shares that would be 500 million divided by $3billion = $6.00 per share..that is if they are only successful finding 10% recovery rates on 10% of their land...I don't see your math???
Now re the board...
There are many now listed on the NYSE ...I'll give you a quote from a former CEO of Westpac bank...this is going to be a trend for many companies in the future. Part of Sarbanes Oxley initial direction.
"The public backlash against management excesses, particularly the cost of options, has thrown more focus back on the role of independent board members who are presumably there to keep executives in check. But does stacking the board with non-executive members actually improve corporate governance, and does it improve the operation of the company and safeguard shareholder’s interests?
“I’ve always believed that the best model is one in which there are no executives on the board because if you merge the interests of management and the board you don’t get sufficient arm’s length,” says Frank Conroy, former Westpac chief executive and now a non-executive director of several companies, including St. George Bank and Santos.
As a guest speaker on the corporate governance program, he said independent non-executive directors brought a “broadbased spread of knowledge” to companies which might otherwise be “mono-cultural” and closed off in their thinking.
“I have always believed that directors should be far more assertive in their questioning of management and absolutely unforgiving if they find that management hasn’t presented relevant and necessary information,” he says."
anything else???