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Abraxas Petroleum Corp. Message Board

  • jpegwmv jpegwmv Aug 17, 2012 9:00 AM Flag

    Top Heavy - 3.89MM cost of admin and sales????????

    How on Earth could it cost them $3.89 MM to administer the company and SELL OIL????????????????????? Why is Bob Watson making $400K and tons of options when we OWNERS are losing money by owning the company?????

    Time for us owners to act a lot more like Karl Ichan and fire that idiot.

    There's lots of talent on the sidelines that can do his job for a lot less and start to show a profit again!!!! Did the board really hire him to ruin the company? Oil is >$90/bbl. Why aren't we making money? After all, this entity has been around for more than 20 years!

    Time to lower salaries and fire some dead weight - This Ain't Greece!

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    • I too noticed that expense of running the co. has increased. However not sure a salary of 400,000 a year to CEO in today CEO robbery salaries is all that Bad.

      Our frustration lies not so much in his salary but in the drill bit success or lack of it.

      Production is down over the year and they have been drilling. The co. at this price I think is undervalued but that assume that one day these guys will find oil and add some value to what they have sold us on. They have to improve production simply as that. To depend on the price of oil to raise the value is just not getting it done as oil has been above 80 bucks and they did make money off of hedges I will give Bob credit for being able to do that.

      Cash flow is real issue unfortunely and cash flow is what wells are drilled on.

      Cheap at this price? Yes but only if the leases and wells they own start to improve. They so far have not proven the worth we all hoped for.

    • "Time for us owners to act a lot more like Karl Ichan and fire that idiot."

      You seem like a brilliant fella.

      Maybe you can elucidate and educate the rest of us as to how to accomplish this.

      The board awaits your input.

      Oh, btw, the Karl is really a Carl.


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