Big driver this year is loss of nearly 13 GW of coal fired capacity that will mostly be replaced by natural gas. At 100% utilization and an industry average heat rate for the NG facilities that replace it, that's up to 2.9 Bcfpd of incremental natural gas demand. They don't produce at 100%, more like 60% over a year's time but that's still a pretty big number, again subject to weather. If you put that on a year's time, assume the 60% annual average and give it all to NG (and almost all of it will go to NG) then you're looking at 5 to 7% bump vs recent year NG consumption (about 600 Bcf) for electricity generation.
Well, the Board of Directors are in management's pocket . The article from seekingalpha regarding BK fails to appreciate that USEG has marketable properties . What needs to happen , and quickly , is for the Board to realize those G&A expenses need to be very deep . USEG will need to sell some production to get the bank off their back .
But nothing is as important as getting rid of Keith . Then the Company can be run for everyone's benefit .
Presentation on 6/24 made no mention . And investor relations cost USEG over $ 100,000 a year . No need to have IR . Given how poor those presentation have been , it surely a cost USEG does not need .
Of course , the sooner Keith is gone , the better for USEG . Everyone knows - even the Board of Directors - know that Keith is the problem . I would expect a sharp rally in USEG were he finally be gone .
This salary and fee reduction will continue until the Company's board of directors, in its sole discretion, decides to restore the prior salary or fee level.
Looks like Keith lost a battle and perhaps step one in his departure . Wouldn't that be great !!!
will really do something significant for shareholders and relieve Keith of his Chairmanship . Veltri was brought in to correct the failed strategy of Keith . Let him guide the Company without the criticism from the Larsen Clan looking over his shoulder everyday .
Pack up the legal docs & accounting department & move to Denver . Sell the Riverton building . Change you can believe in .
Who was responsible for selling the uranium biz ? Keith Who got a $ 10 million bonus for his efforts ? Keith Who approved the contract that caused Mt. Emmons to be USEG's responsibility ? Keith Who invested $ 10 million into Geothermal ? Keith Who decided to go into the $ 25 million apartment complex ? Keith Who lost + $ 10 million on the apartment complex ? Keith Who was adamant about not selling the jet ? Keith Who raise $ 25 million in a public offering @ $ 5.25 ? Keith Who has deployed $ 150,000,000 of capital into non operated properties ? Keith Who decided to ignore hedging policy and not hedge any '15 production ? Keith Who got a raise this year ? Keith Who is responsible for Director compensation going from $ 10,000 a year to + $ 50,000 ? Keith
Who has bought and paid off his Directors ? Keith . And he still running the Company . What high quality Board members we must have .
dilution to 1/3rd of the public float as long as market cap is less than $ 75 million . Perhaps that is what the bankers are saying is USEG's value . That number did not come out of thin air - there has to be some model that reflects that value . Still, obvious the Board still thinks Keith is the man .
You know , after all these years of criticism of Keith , you would think someone in Riverton would defend him . Never has . Wonder why ?
I am sure they will be further rewarded for their outstanding service with another raise .
Wants to reassure non Larsen shareholders that he is working for their interest . What an inept fool . But the Board of Directors are in his back pocket - ready for another raise .
The Larsen that did not go is the problem - Keith . At this point , no capital can be raised . The only thing left to do is for the Board to decide to sell the Company . Of course , the Board is as inept as management .
You can forget the Board of Directors doing anything for the non Larsen shareholders . Keith fails to hedge production ( against Company policy ) and Jerry Danni ( Head of the Compensation Committee ) pushes thru a raise for management . But then he as a Director got a raise as well . Just representing the shareholders !!
So MMR/FCX drills 5 highly expensive exploratory wells with 1 that is actually completed : Highlander # 1 . Hard to believe that at least one development well would be drilled to attract a JV partner .