I and my friends have a lot of shares. How we vote them is still up in the air. Ray who I put in as president has done a good job of building reserves, but a bad job of promoting the company. He promised me he would get a PR firm and work with the investment community. He has defaulted on that promise.. I challenge Ray to call me and get my vote.
I appreciate the input from shareholders with a large stake in the company and personal insights I could never have. From Truth's research it sounds like we may have some reward on the near horizon, but I don't know how one can say Ray has done a great job. The company may be a fantastic value, but as a shareholder we only unlock that value when it's reflected in the share price. This company does absolutely nothing to promote or report its results. What's the secret? How hard is it to provide operational updates?
If the company truly is in great shape, why not come out and say it on a regular basis. It's almost like they are trying prevent success from spoiling this great little secret.
As Real's grandfather wisely suggested, it's better to change your portfolio than try to change management, but I'll stay on board for a little while longer and hope this management lets me share in the benefits of Ray's great work.
In other cases, Ray’s statements have been outright inaccurate. Consider the press release on 2-13-12 regarding the financial results of the previous quarter. It was an absolute blow out quarter and Ray made the following statement….. “We are excited, as the investments we made in growth projects this year are expected to benefit both next quarter’s and next year’s income and stock price growth.“
But the truth was that the revenues were fudged with tru-ups from prior quarters and that figure wasn’t disclosed until months later. Also the quarter included revenue from five brand new Bakken wells that were online at windfall levels, but that production would decrease dramatically in future quarters. Ray should have known all of this, but he concealed it, instead he made predictions about the following year which were grossly wrong.
We don’t need more PR, just clean up the press releases, and get the right details in the 10Q and 10K filings. Ray needs a consultant for this. IMO!
For the record, it’s my 87 year old father, not grandfather. I was intrigued by Edgar’s comment regarding Ray’s need for a PR firm. There’s a huge amount of growth coming yet the PE ratio is bad and the momentum has also been bad. This is a problem with the stock price, not the company. Did you notice DFuller’s comment about buying shares. That’s almost like an insider buy, which is considered bullish. It probably just doesn’t meet the technical standard requiring disclosure.
I’ve followed Basic/Earthstone for ten years and debated with many other shareholders on the message board, so I know what many of them think. Most of them do not trust Ray.
In my opinion, part of the problem is the confusion that has been created with inconsistent disclosures.
For instance, the Banks Field project has become such a significant factor in growth that we would like to know how it is doing. In one press release, Ray would disclose the ownership in individual wells. In others he would lump the ownership figure all together. He has not told us how much production comes from the Banks vs other sources. As a result, investors are left with conflicting information and they have a hard time making any projections.
I just purchased some stock to bring me to a totaL of 45,000 shares I knew Ray back when I had an oil company called Enviroseach Corp based out of Casper Wy. Ticker symble of EVRO Ray went through the bad times,. and has done a great job.
PAY-tience edgar - we are in good shape and higher top and bottom line should now be coming and this consistency of growth will prove to be the best "promotion" ever -- Mr. Market always corrects for errors in valuation and it will do it again with Earthstone. Good day. Boolean
Edgar, Thank you for letting the rest of us know you are still there, and thinking.
When someone with as many shares as you have is giving the company's pros and cons
his thought and reflection, then maybe there is hope for some soul searching at the management
and director level, and for the company to become both successful in its goals and endeavors
and in its relationship with the majority shareholders.