I couldn't agree more about management change, starting with Rich Carty. Carty has done NOTHING except cost the company a large amount of money. His being put into that position was a terrible idea. He has no oil and gas experience, let's put him in as CEO. Great idea!
Sentiment: Strong Buy
This outcome was never in doubt after Earl's passing. The question was just how long it would take. Very sad for long term employees, but most all are already gone.
Sentiment: Strong Sell
You hit the nail on the head. They do not know how to run a business and virtually all of their longtime, knowledgeable employees are gone. I think that they will be in Chapter 11 very soon.
Sentiment: Strong Sell
Actually, I am anything but a bear. I own a very substantial amount of this stock and I am way, way underwater. I am really not trying to have an argument, just stating what I believe to be facts that have impacted the stock price and my portfolio.
I totally agree that the drop in the stock price is not in any way solely due to Carty. The entire energy sector is suffering, some more than others. I do believe if they had someone running the company that knows the industry, the stock price would not be where it is. I don't think you can count out the fact that the head of the company doesn't have a clue what he is doing and does not communicate with the stockholders. He has done nothing positive since being put in this position, except spend the company's money and drive away good employees.
What exactly do you think they got?? Stock has basically hit bottom and good employees are leaving, not to mention Carty's salary and stock options. How was this a good move?
Finally, some communication from the company. I wonder what type of fire had to be lit under Carty's butt to get him to finally put out a press release. I wish the fire would be so hot that it would send him right out the door. I personally know of several people that have left the company solely based on Mr. Carty. He is definitely not popular with the employees. They need to get Chronister back. At least he knows the energy business and was not despised by the employees.
I agree that I really don't see anything in his background that would qualify him to be CEO of an oil and gas company. Since I am not an insider I don't know what he has or hasn't done. It just appears that nothing is being done to raise the stock price. The one thing he has done is get a great salary and great stock options. I am just very frustrated that, at least from a stockholder's perspective, the only thing that has happened since he took over is the stock price dropping.
I was so hoping the stockholders would realize that putting Richard Carty in the position of President/CEO was a disastrous move. The stock has continued a downward move ever since he took the position. I am well aware of the impact of the drop in oil prices and the highs and lows of the energy industry. I worked in the industry for over 30 years. It just appears that Mr. Carty has done nothing to help Bonanza Creek recover its stock price at all and is certainly being paid a very substantial amount to do nothing. I believe that putting him in this position was a huge mistake by the Board. I am a fairly substantial stockholder and have lost a great deal of money in this stock and there doesn't appear to be anything happening to change the course of a downward spiral.