It is unfortunate mgmt has no credibility left. To think that TMR is held in higher esteem than PQUE is or was at one time unfathomable.
Charlie, how do you sleep at night. To the "independent board", how good is your DO insurance.
Dsepite the hatred investors have for PQUE, this is once again way oversold.
Need to examine some facts.
After Ryder Scot went overboard smashing PQUE's yr end reserves, or so we thought and even with prices that were lower at yr end, PQUE had a SEC PV-10 of $166 million. Take out $10 for pissed away reserves plus added loss of reserves announced at Q1 get to $156. Take out $25 million in debt/neg working capital and future dry holes (assumption) come to $131 million, if you use 43 million shares outstanding still results in NAV over $3/sh. This assumes no value for exploration/acreage/seismic etc.
Huge blow off today is indicative of a final panic sell, stock so cheap, hardly matters if they do not find anything the rest of the year. At some point mgmt, as brain dead as they appear to be, might get the brilliant idea to sell the company, they do own a lot of stock.
Also read a lot of panic regarding q2 production being forecast so low. Posters do not get it, with all their recent misses, they have to be very, very careful about lawsuits. Q2 production guidance was issued so low quidance there is no possible way they could miss.
Yes I am a buyer, this stock was way too cheap, I think I know a little about Charlie and his cronies. They are no a laughing stock.
Aren't you proud of yourself Charlie? What a great reputation you have built up for yourself and your Board.
Was Murphy the only prospect? Besides the people selling off on the dry EXPLORATORY well news i dont see whats different from yesterday. Listen to the CC Murph-Castle is hardly mentioned, whats up with Amberjack? I think there is more news coming.Guidance seemed incredibly positive from the CC, lots of mention of prospects, look at the commodity prices, this sector is already hot. Not that anybody cares but when i got in PQUE, i had no idea everyone was waiting for news about Murph. Good Luck
Excellent post. Would love to see this company bought out. Was disappointed with today's news. Was also surprised that they announced during the trading day, rather than before/after the markets were operating. Don't think there was anything leaked. IMHO, we would have seen weakness last week if anybody knew.
"surprised that they announced during the trading day, rather than before/after "
I agree, something "stinks" there. Why intentionally crash a selling frenzy. Let it run up, issue the bad news after market close. It's still unclear why the run up. I don't buy the idea no one knew Murphy Castle was a dud. That had to be pretty well known through out the company. The word always gets out. Makes one wonder if there is still some good news out there that the original runup was based on. Time will tell I guess.