RE:RE:RE:RE:RE:RE:RE:RE:Thoughts about BTEGF from IV boardHey I think you remembered the prices wrong. The stock price closed at $4.36 on June 18 when they announced the deal. I was pissed because they had just tested a recent high of $6 back in May and the stock just slowly diminished afterwards.
rockman998 wrote:
I agree the aurora deal wasn't good for the company either; but I understand it was more a board decision, although Bowzer's background made him a key player. I thought Bowzer left because of the deal.
The Raging River acquistion just made things worse. The stock price was @$24 before the acquistion and $4 near the end of the year, then recovered to $9-$10 later. I understood one of the key elements of the deal was the replacement of dwindling reserves but it also takes capital to develop those reserves.
It's interesting to note how all these oil acquisitions get labeled by management as "immediately accretive" although in the last 5-6 years they seldom are.