RE:Peer to Peer AnalysisARX management really can't think for themselves a listen to the likes of Eric Nuttal. They attached their destiny and #1 play opportunity (Attachie) to the Treaty8 nations, not really to smart.
Eric comes in, shows them his model and convinces you to put in place an aggressive NCIB, he wants it all he say, at least 75% of FCF should go to the NCIB. Then he produces another model for himself, his exit strategy, and once his trading desk figures out you NCIB trades, he trades around your stock a few times, give some plugs on market call, and trades out of the stock leaving the shareholders holding the bag with no dividend, because he got it all, he want the NCIB in place to insure his liquidity.
Last time Eric was on market call he called ARX one of those gassy stocks you really don't want to own?
Really if ARX would of pursued Kakwa, Wapiti. Deep Southwest early on (Alberta Plays), got production back to 220,000 boe/day, figured out how to do a proper presentaion, maybe start with one of the old VII generations ones and start from their they would be off to the races.
ARX has billion of dollars worth of infastructure no value, the biggest liability to ARX is its management the CEO and CFO.
Time for a new management team and time to fill up your 1/2 cycle production and quite fooling around with NE BC, begging them to let you develop attach. Develop it when they are on your side after you get Kakwa filled up in the short term.
Stop the NCIB your just burning cash and start paying the shareholders, does it make any sense to buy back your shares when commodity prices are at the top of the cycle, stupidity, waste of cash, you don't see debt free TOU or POU do that, inexperience management that is all i can say.
IMHO