Shares sold under a planned trading program which is common practice in publicly traded co.'s for insiders.
Stating that it's not logical or positive is a dopey statement...can you say PLANNED PROGRAM.
When a company is in the infant stages as this one is in, IT IS A BAD SIGN to have insiders selling. INSIDERS DIVERSIFY after they have built a solid company and growth will be slower going forward, NOT when they are in the EARLY INFANT STAGES of growth and activity! BIG DIFFERENCE and tells me a ton!!! You do it your way and I'll do it mine. I like my track record!!!
Selling is understandable when EOX stock represents the lionshare of someone's wealth.... diversification should be everyone's #1 priority if they are smart. They will continue to share in EOX's future success with future grants that they deserve. I have no problem with leadership's grants when they steer EOX a Bakken small lasdership with high returns from they 1st class acreage and completion techinque
Enjoy the ride much higher, as EOX has the quality acreage and well completion method to derive high EUR's from every acre especially with the current downspacing trend. EOX's leverage is huge. Just wait for their oprerations update in a month when BOEPD guidance is raised again. GLTAL's
You;re absolutely right about this self-indulgent management.....get used to it until year end....
DENVER, CO -- (MARKETWIRE) -- 01/16/13 -- Emerald Oil, Inc. (NYSE MKT: EOX) ("Emerald" or the "Company") announces that on January 16, 2013, certain executive officers and directors of the Company sold an aggregate of 396,507 common shares under planned trading programs pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, which were entered into on November 30, 2012 and disclosed in an 8-K on December 10, 2012.
Each of the members of management and non-employee directors has indicated to the Company that the sole purpose for entering into such plans was for tax planning. Accordingly, all proceeds associated with sales of the securities noted above will be utilized to pay federal and state taxes associated with the vesting of certain equity incentive awards. All of the 10b5-1 plans are operative through 2013 and terminate on December 31, 2013.