RE:RE:exactly how will buying back shares enrich shareholders?
You are quite correct, and it comes down to simple numbers.
On the other hand, it can also be a waste depending on whether the share price is exceedingly low or not. A great many buy backs have been done, mainly by larger companies, at inappropriately high prices, only to regret it; financial engineering as opposed to sound management.
In this case, VET, and many similar small oils, are doing the correct thing, provided that they also deal with direct cash to shareholder as part of the plan.