Where is the Execution??? On jan 21, 2021 at the annual shareholder meeting, RR did a presentation. I reviewed it yesterday and he gave a timeline for the year. We are now 14 days before the end of Q2. Some of the items that he addressed were goals for each quarter.
Goals for Q1 included: 1. Permit multiwell package. (This was to include wells 4, 5 and 6. None of this was accomplished in Q!. Well 4 was permitted in Q2. 2. Drill well 4 in Q1. (This didn't start until May 10th and no idea what the current status is.) 3. Begin permitting for second 3 well package (wells 7, 8 and 9)
Goals for Q2 included; 1. Drill second three well package (7,8 and 9). 2 Finalize permitting for the processing facilities.
Where is the execution here? Literally none of this has been done. Yet they continue to award insiders options for what? Jobs done well??? We have a right to question management when so many marks have been missed. It has almost been a year since wells one and two were drilled and completed. What has been accomplished to add stockholder value in the last year? On the plus side, they have been good stewards of the cash in the bank. Even if well #4 is completed today and we get a bump in the stock price, management stilll needs to do a better job moving forward.