I cashed out
I cashed out today, at a considerable loss. Couldn't take the daily beatings at the hands of this stock. This stock has one direction- forget the macro stuff, forget the $ of oil, this SP just goes down. Oil goes up 2-3$ and CLL goes down, I mean WTF!! CLL is at its highest prod rate ever and SP is at its lowest level since March 2009, there has to be something toxic with this company- I acknowledge the high debt level but it has to be more than that, I blame the management team. The street has zero faith in Gusella and friends at CLL, zero faith they can deliver on any of their promises/targets and who can blame them. If I felt the management team was strong (someone like Scott Saxberg of CPG for instance) I'd stick around and let the macro stuff play itself out and wait for better days. Unfortunately Gusella doesn't have what it takes. 16K prod + tons of reserves + $90 oil = 64 cent stock, un-freakin-real! The only thing Gusella is good at is coming up with excuses for missing prod targets (read their releases to that effect, they're a thing of beauty) and lying to shareholders about Algar being fully financed before issuing more stock to pay for Algar.
My hat's off to those who sold at $1 or higher, you are smarter than I could ever be. I'm a big dope for believing in this company, hoping that the next quarter would be the one (don't know how many times I told myself, OK, give them one more quarter to make things happen- if they falter, sell everything). If someone wanted to purchase CLL today, what could be the bid- at best 50% premium from today's SP, so that's $1/share. As I bad as I feel for myself, there are people out there who bought this thing at 4-5$. I wonder what CLL management is planning, could there be a reverse split in the near future? There is, however, good news for the shareholders- now that I've cashed out, the SP is bound to increase...GLTA