RE:Just think or I that is Going forward, I don't think it will be prudent in trying to manage an in house drilling program. I think there is more going on than the parts problem with customs. There are clear reasons I say this; one being potential liability that is born by a contractor. Does anyone simply think that a knowledgeable drilling crew is going to be available for hire and then be administratively maintained? Especially now, any potential crew members are in survival mode. Who knows who this so called crew is working for. I can't believe PRG mgt is paying them some kind of furlough to keep them on board. I'm basically saying PRG could not even hire the crew. It is one thing to by drill rigs and find out not one is operable. Was that really the case? Or did they find out the bankrupt company employees/crew was long gone. They couldn't put together a crew to run the drill rigs that were indeed operable. Does anyone think PRG managment purchased a bunch of dead drill rigs? If so, that is a brain dead purchase when you consider these rigs have to hit the dirt flying. No crew ever existed to push the start buttons.
I'm going to try to think out of the box. I am not pretending to know whether what I say is potentiallly viable. Would it be possible to contract with the Barrick/Newmont partnership to obtain a drilling operator? Do they have their own in house drilling crew? Yes, this seems unthinkable. Swap some shares for a crew and draw up the legal papers. But as it stands now, I don't think PRG thought this whole drilling operation process thru. I, for example, cannot believe managment wasn't aware of potential DR adminstrative problems holding up replacement drill rig parts. This may have been a problem but I don't think that was all that was going on. There was much more going on PRG didn't really anticipate and didn't disclose and will never disclose.
Bottom line, the self drill program was mismanaged big time. Does anyone think the drill crew is now on some kind of standbye?
Meanwhile the share price is basically saying any type of investor goodwill, if you will, is lost. The general market sell off is not done by any stretch of the imagination. I would love to see a 1987 market come back. Just wait until corporate earnings come out....there will be a realization that market caps are still way too high and, accordingly, the markets will substantially revert to the mean.
What does this have to do with PRG? They have blown a lot of forward momentum away. The share price is indicative of this as is the trading volume. Both are anemic. When the true colors of the general stock market is revealed, PRG will not be a priority in the investment world. Not in the immediate future. if anything Barrick and Newmont very well could be because of their earnings.
We are not being communicated to my managment because there is too much to say as to what really didn't happen and should have.