Q4 2011 - Natural Diasasters that didn't impact any of the other producers in the area managed to impact Arcan. A few employees took the fall and a 'new team' was once again formed. (For the second time in a year, another 'DREAM TEAM' was assembled). All the guys running the show got promotions, raises, bonuses and stock options.
Q1 2012 - Ian got blamed, lack of volumes was deflected in order to focus on his removal. After mis-leading investors with volumes and wasting away hundreds of millions in a year, Penner gets his promotion.
Q2 2012 - Ed was 'retired', Penner needed a fall guy and Ed was it.
Q3 2012 - shaping up to show potentially less than the 4000 boe's predicted by Penner. This man has a talent for exaggeration! Who gets canned? Monday mornings and returning from vacation are a lethal combination for Arcan folks, both Ian and Ed showed up for Monday morning surprises in time for quarterly releases.
Who's left? Baumgardner, whose production targets can't hit the wide side of a barn? Gunning, he's the optimization guy with nothing to optimize. Natras, he is the geologist but doesn't choose the drilling locations, the engineer does. Ryder? Nah, he's hung onto Penner's coat tails for years, those two can't be separated. McCoy? Can you fire a Director and make him the fall guy? Mr. Smith? Perhaps he's finally figured out the lies and is a threat to Penner's Presidency? Watching these guys and waiting becomes more painful every day. Do they take time to read how the investors feel? Communication skills don't seem to be any part of business/operations for these clowns.