Granite Oil Corp GXOCF

Energy

Granite Oil Corp is a Canada-based oil producer based in Calgary, Alberta with lands and operations located in southern Alberta. The company is engaged in the exploration for and exploitation, development, and production of oil and natural gas. Its Alberta Bakken Properties are located in southern Alberta at the south of Lethbridge.

OTCQX:GXOCF - Post by User

Granite Oil Corp > Dividend?

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Comment by PANAGONINVESTon Jan 16, 2019 11:22am

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Post# 29239587

RE:Dividend?

I wonder the same. Don't you think these might be red flags and just the tip of the iceberg?

giovinco wrote: They are getting over $40 USD per barrel of WCS, which is higher than the number in their December presentation. They are also getting more profit from the hedge than the presentation at the same time. Still not sure why they did a PP in December, at the lowest possible stock price, when they had 50 million credit facility available. GMT Capital bought most of their shares above $3 so it doesn't really make sense for them to dilute the shares to average down; I would've just made a take over offer if I was them.
But they did the PP anyway and now they should be cash flow positive. Why not reinstate the dividend? They cut the dividend very quickly so why not reinstate it ASAP. They are losing investor confidence doing stupid things to benefit themselves only.