These guys tell a story of what great things they do and how things will be better next quarter but they can't hide as the financial impact always tell the real story. They spent millions on Rocky and provide us no idea of production estimates. These guys are bozos.
From the 10 Q
On June 10, 2013, the Company entered into new employment agreements with its Chairman and Chief Executive Officer, Thomas Cooke, and its President, Andrew Clifford. The employment agreements supersede and replace the 2007 employment agreements of Messrs. Cooke and Clifford. Each of the employment agreements has a three-year term and automatically renews for additional one-year terms thereafter unless either parties provides notice of non-renewal at least thirty days in advance of the end of the then current term.
The new employment agreements reflect the following changes in the principal terms of employment of Messrs. Cooke and Clifford: (i) the annual base salary of Messrs. Cooke and Clifford is increased from its current level of $305,000 by 4%, to $317,200, on July 1, 2013 and increases by 4% on July 1 of each succeeding year; (ii) the automobile allowance of Messrs. Cooke and Clifford is modified to either provide a Company vehicle or pay a monthly automobile allowance, which allowance remains $700 per month for Mr. Clifford and was increased to $950 per month for Mr. Cooke; additionally, beyond repair and maintenance costs previously paid by the Company, the automobile allowance has been revised to cover all costs of operating a vehicle; (iii) the expense reimbursement provisions have been modified to clarify that the Company will pay all incremental costs associated with maintenance of home offices by Messrs. Cooke and Clifford, including costs of internet service, telephone and facsimile service and, with respect to Mr. Clifford, a home workstation; (iv) travel pay in the amount of $200 per day has been added by Messrs. Cooke and Clifford for each overnight stay or out-of-town travel of twenty-four hours exclusively for business purposes; (v) Messrs. Cooke and Clifford each received options to purchase 250,000 shares of common stock exercisable at $3.00 per share for a term of five years and vesting on a quarterly basis over eight quarters;
These Bozos as you put it, are pretty slick when looking out for their $950/ mo auto compensation, etc, etc.
Co also paid $6 mill in interest for the past 6 mos at 12% interest to do what?
Paid a guy 1/2 million to generate prospects on 4 GOM leases. What happened to doing this in house?
Talk about mismanagement. Can't even conduct a workover program, still citing Ike(last summers S La hurricane) as a cause for declining production.
Just wait for this years storm(s)-will knock this co right off the map.
Re 77.4% decline in other revenues:
- And why was the net profits interest in Breton Sound 31 lost?
- Why were some production handling agreements not renewed
Seems as though more effort went into 'explaining' the miserable last Quarter than positive forward looking planning statements.
And why the build up of personnel now-that was a must 2 yrs ago. Companies run this way are always a nickel short and day behind. Could on and on........