Good explanation for the CFO leaving. Great explanation for choices and delays in Rochelle -- sounds like some fortunate and great moves considering the service market there.
A much larger company that a year ago, with plenty of good news pending in the next few months. Overall, a very good conference call describing what transpired and the growth potential in the coming months. The price should have rallied from the drop on the CFO news. This is hopefully a buying opportunity that will be evident in another quarter.
I understand, though sometimes I think investors have expectations that are unreasonable and when they are not met the market price is impacted. END is a small company that relies on vendors with more clout to do their work. If the pipeline laying company tells them they either stop drilling and move the drill rig or they will stop installing pipe, END pretty much has to stop drilling. On the other hand, it is true they are off schedule, but not by much, considering the enormity of the project.
The acquisition involves a crazy process of approvals as they noted, and, again, as END is small, the others are in no rush to satisfy them and can drag along the approval process.
BUT, we should give them credit for getting done what is done. They have transformed the company from a NG firm to an oil producer and increased the size of the company many times. As production comes online, I am confident they will do as they say and pay down debt. Of course, that could be delayed, as well, but that is life. I don't get much done on time, either.
Overall, it seems to me there growth has been incredible, even though there are delays from time-to-time.