RE:your friend nuttal
Well, he is truly correct. Where he invest his money is another matter but, there are way too many executives at Cardinal making $100,000's.
This ain't Exxon Mobil and this company only produces around 21,000 boe/d with little drilling, few projects, essentially no development/growth.
Then why do we need a VP of North, Central, South and Saskatchewan? A VP of Finance and a CFO? A VP of Engineering and Exploration?
And the most insulting to me for a company of this size: a CEO and a Chief Operating Officer???
My understanding is that some of these people are buddies including with some on the board. Times are tough in Calgary and Alberta, I get that. However, it is us the shareholders who pay for what seems like under-utilized people.
A G&A of $2.14/boe (Q3) for a company that basically milks its assets is way too high.
TOG does 28,000 boe/d and has a G&A of $1.21/boe. Tamarack Valley does 25,000 boe/d and gets the job done for $1.46/boe. These 2 are doing a heck of a lot more drilling than CJ.
So scale is not the issue. Moreover you have guys at YGR producing around 13,000 boe/d and doing the job for $0.61/boe!!!