I agree wholeheartedly with your post. I have fallen for the hype about Crimson Exploration and have traded in and out of it since Oct 2010. My CXPO stock was converted into Contango stock as a result of the merger and am still under water to the tune of about 15% overall. At one point I was at break even and maybe I should have sold in light of where we are now. I hope Keel and Grady can make positive things happen sometime soon but, at this point, I will be happy to break even again and get out, if I ever get the chance. All of my other stocks are up nicely and MCF is the only one dragging my portfolio down.
Wow, another big volume down day! Why is it that we can never seem to get any traction with this stock! It's like being stuck in a small snow bank and no matter how much you rock your car, you can't get out. You look at the snow bank and you say it doesn't look like a big deal, it oughta be easy to get out, but you just sit there and spin your wheels. Every time you think you are about to break free, back you go into the little hole! Argh! What gives?
Looks like shareholders will have to wait another quarter or two or three or ??? for better earnings here. In light of the many new wells they have drilled and are producing, I will hang on for awhile longer. It seems earnings can't get any worse although Alan and the gang might find a way to disappoint again!
GLTA and thanks to ED for his postings.
I came to this investment by way of CXPO shares that morphed into Contango shares with the merger. The news today seems to be setting us up for a letdown in earnings. With the Gulf well coming up dry and costing too much, that's got to affect earnings negatively. Production is up considerably though, "due to the acquisition of Crimson." What would these Contango clowns have done without Crimson? And to think I fell for CXPO's management assessment that their stock was worth, what $15 or $20 if I recall!!! What a bunch of F@#$ing hype!! I am still under water on this investment and it appears that may continue after today's earnings. Will Contango ever get it right?
It's 8:30 pm here in the east and still no earnings..............I know it's only 6:30 in Houston but what are they waiting for? Same old shenanigans!
Thanks Richard.....you make great points! I was just a little frustrated when I posted that and had already decided to hang on to my shares for the long term. Thanks for taking the time to respond and good luck on your investments.
If I can ever break even on this CXPO/MCF investment, I'm outa here! I was actually in the black around mid-November and shoulda got out then. Maybe one of the bigger oil companies will buy us out at a premium? We can only hope!
This article does a good job of saying what I have been saying here. OLN needs to be acquired to unlock shareholder value, or they should spin off Winchester to the shareholders, or pay out a special dividend. According to the writer, the BOD and management are fat, dumb and happy, with little skin in the game and sitting on mountains of cash. Maybe Carl Ichan can come and help us out!
I agree! I have said in the past that they should put the company up for sale. Perhaps, someone that knows how to run a business will buy them and take us out of our misery!