Earthstone and Ray have underperformed significantly all bull markets yet embrace the bear market on all down drafts. Not good especially when you mix that with Ray's high pay out to.......HIMSELF. I need to call him again this week and discuss that point as SHAREholder is just a Wall Street slang word for bagholder when these things happen. Boolean
With the ---MM 100 share bidwackorama---you mention, the shares can be manipulated down, and then up, or any which way. When trading volumes are low, it becomes so cheap for the manipulator to move the share price back and forth.
Unfortunately, every day investors have struggled to come up with any estimate for the future. As a result, they haven't traded much volume.
After the record level of investment last year, will the next fiscal year revenues be $20 million, or maybe $14 million? Last year’s $11. 4 million was quite the disappointment. The answer for next year makes a big difference because Earthstone will probably invest similar amounts in the Bakken for the next two years. The growth rate will be compounded over three years.
Keep in mind the Earthstone statement in its 10K report about anticipating an additional 61 wells in the Banks Field. In the Ryder Scott report, Earthstone disclosed Bakken reserves with 276K of developed producing BOE, 123K of developed non-producing BOE, and 1,069K of undeveloped BOE. That’s a lot of BOE that needs further investment. No wonder Earthstone has lined up a $25 million credit facility to fund these opportunities.
Based on past comments from this board, retail investors expect results in the form of revenues and EPS. They just don’t accept reserve increases as an acceptable unit of measure without some clarity on the revenue stream.. A tangible improvement in revenues and earnings, IMO is necessary, or the volume will again dwindle. We could very well be back to the bidwackorama!