RE: review conclusion " Growth: this management has not been mandated by shareholders to pursue
growth."
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I don't see any growth, as their projected 2013 production is unchanged.
"Lack of buyback: the company has raised $130m in asset sales, some of those
funds should have been given back to shareholders through a substantial buyback
or a one time dividend."
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In this economic climate, low debt is more important than rewarding shareholders with borrowed money.
With all due respect, it simply appears that your analysis was simply far too optomistic.
Good luck with the continuing fight.