Granite Oil Corp GXOCF

hedges killed them, debt brutal, dividend is toast

[uograd]

After a pretty close look at financials this morning I am afraid it looks like the gig is up here.

They have another review of their bank line on or before Augsut 30 so I see no chance of the banks allowiing dividend to continue after that .

Maybe one more this month but that will be it and with no dividend you are looking at yearly lows in september.

[SIGG1]

$1 by next year.

[Sjakkspill]

Pretty sad report to say the least. Dumped in the opening and I’ll be staying away from this one. GLA

[lemeilleur]

Granite oil is under watch by trading commission since 3 or 4 years  after they pulled the illegal split of Deethree energy followed by similar downfall then sold to private fund  . The orivate fund is one floor down in the same building in Calgary.      Then let s look at Granite oil.   CEO is paid $1 million a year   , It is outrageousto sayy the

[lemeilleur]

A review of their bank line   should  have the banks to immidiately require ceo to take a 50% cut   from $1 million a year to $ 500 000     and if you look closely at heir financials  Their is more.  Drilling a rig in sring break up?  and i see others ,  Seems their oil quantity is not right,.  Should be higher.