The Board should make it abundantly clear to Mark that this is a one year consultant gig only . He should focus his energy fully on a solution to Mt. Emmons . Only Mt. Emmons !!! He should have no other input on the other ventures of USEG . Not sure that is the case.
The next COO appointment is critical . That person must have the authority & incentive to change USEG's culture . Keith should drop the title of CEO & just be Chairman . He needs to get out of the way .
There is general consensus that the producing assets are worth over $ 200 million - excludes the value of the leases . That value can only be recognized by a new COO & less influence from the Larsen clan .
Keith has directed Reggie to take no calls from me because I think he should be fired !! Hey , Keith - I did not buy one share of those 5,000,000 shares you sold to investors @ $5.25 . Not 1 share . I'm guessing most of those investors agree with me. Do the right thing - resign .
Don't even get me on why USEG continues to pay a non executive pilot with no plane over $ 300,000 !! Or why the Board allows it .
They certainly do not need the current CEO & Chairman of the Board . They need amanagement team & Board of Directors that care about the stock price .
about this management team is their work ethics . Do they put in an 8 hour day ? Based on my calls to management this week , very doubtful investors are getting an 8 hour day from this group . Were I a Director , a surprise visit or two would be tempting .
Not available . In a meeting or on the phone ? " No " . Ok , how about Keith ? " He's not in " . How do the independent Directors' let these characters continue to be a part of management ?
I am pretty sure they will be . Keith should resign & clear the deck chairs for the new COO . A proven COO that will be well compensated with a focus on the stock price. Highly confident !!!
ASAP as current remaining management has no concern for the stock price . Never has & never will . The Company needs to move to Denver / Dallas and become an operator . Sell the Bakken high cost asset & focus that capital on south Texas.
Also , make the new COO require timely updates & presentations . Currently , USEG continues to waste money on both an IR department and a non executive pilot without a plane . Time for USEG to become an independent company .
So , a cash flow positive apartment complex that was sold for $ 10 million less than construction was a good thing .
Nah , the assets are worth $ + 200 million with little in liabilities . Even the management liability is way overstated . Just need to fire Keith .
It is obvious that management has little concern for the stock price . No updates , no presentations , & recently , no one in the office .
It is clear that the asset values of USEG are well north of $ 200 million & yet management does nothing .Market cap is below $ 80 million . Replace management & get a knowledgeable O&G executive to turn into an operating company .
Management will never buy the stock . Never have & never will . Next update should be very positive except Keith will still be employed . Keith needs to go .
Both are giving lip service to shareholders claiming that things are going to get better right around the corner . It has been 3 years that I have heard 'things are moving in the right direction '. It took 5 years to sell the apartments . A couple of years of complaining to get rid of the plane . Did we get rid of the pilot ?
If our non executive pilot is still making $ 300,000 & receiving stock options - Why ? USEG , if it is run as an independent company , does not have the resources to make that type of payment.
Management does not care about the stock price - everyone in the family is getting their generous salaries & options . The Board of Directors is in the same boat . Board members get $ 60,000 to oversee a management team that operates nothing . Non family Board member ( independent !! ) own little stock . A nice cozy relationship !
So how about requiring Keith to buy stock in the open market . Or Board members that never have . How about a 10 % repurchase program by the Company ? Oh , that's right . Not in my best interest . Poor management & lack of accountability expectations by the Board . No one is representing non family shareholders.
USEG has one major problem & it is not the moly mine. It is Keith !! Keith can say ' Buda, buda ,buda ' all he wants . For me , it is ' Keith , keith , keith '. If Keith goes , it is only a positive .