Shareholders played for fools!I am glad to see that a few posters have responded to my comments. Exactly what they were trying to counter my comments with is anyone's guess, but it is obvious that I need to be clear as to what I was commenting on.
1) The effective date is May 1st, 2022. Now isn't that interesting considering Surge's NR on July 27, 2022.
2) I have said for quite sometime that Surge should not be increasing any dividends until the debt is reduced below $100 million, instead of $200 million as outlined in their "Return of Capital Framework".
3) The silverlining here is that framework is now based upon a much higher overall free cash flow and those promised increased shareholder returns are now farther out into the future.
4) I find interesting that the BOD has not yet approved the anticipated dividend increase. I for one am actually hoping that they do not approve any increase until the debt is below $200 million.
5) Finally, Paul did play us for fools, as most shareholders were hoping and believed that increased returns would be sooner than later, which I have said that the balance sheet could not sustain, based on the production numbers before today's announcement.
Overall, I think that Paul did pull a rabbit out of the hat and yes I will continue to hold.
Kherson