RE:RE:Price of oil is up…. Our CEO is an idiot. Last 4 years...production flat, debt down $100m and share count up almost 50%. Fortunately, with dividends I am about flat, but over about a 4 year period they have been one of the worst performing oil plays. He milks this company like it's his own private business. He has done 4 deals in the last 2.5 years and incurred a bunch of fees and has basically flat production and on top of that he has bloated the share count.
he sits on webcasts and says "I have not diluted in the first quarter" when they issued $20 million of flow through shares to basically pay down debt.
they have a convertible bond coming due and unless oil prices firm up these idiots are probably going to issue more equity because their lenders have them by the balls.
Need any more reasons?