RE:RE:G&A has dropped considerably Hi Hawk, it is nice to see you posting again.
It's a crazy market when companies like Cona are trading close to all-time lows with $55 oil.Another unloved oiler is Cardinal,which unlike Cona pays a hefty div,is marginable, has better quality oil, a much higher float value and isn't under new control.When companies like Cardinal are not feeling the love, companies like Cona are dead in the water.Cona needs to merge with a Cardinal in order to attract institutions.Without them it'll remain dead. I personally would cut capex in half and pay the debt down faster in order to reinstate the div as quickly as possible.
Waterous is a long-term investor who isn't overly concerned about the day-to-day fluctuations of the stock price.He bought Cona because it's capable of generating a lot of free cash flow.He is already doing a good job of maximizing that cash flow by cutting overhead.Now he'll concentrate on making it as efficient as possible.It's nice to have owners instead of employees for a change.
Buying it at close to half of what Waterous paid makes my day.