Re: Poor Production
in response to
by
posted on
Jul 14, 2009 12:58PM
Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta
Sharky:
"I also think they are not very open to us and hide or giving an explication that puts things in a way they had act like it should be"
CLL provides frequent updates either during presentations, news releases or slide presentations. There's a fine line drawn between pertinent information to investors and daily challenges. Don't forget that all companies restrict information that may be used against it or be exploited by it's competitors.I challenge you to name any company that is transparent to the point you expect.
"All I know was they were at 10.000 bpd in 2008 and by decreasing the output I think they act wrong "
Hindsight is 20/20 is it not? I feel cutting production was the proper step to take. Oil was at a record low and Obama was drilling doomsday scenarios into everyones head in order to get his stimulus package passed. Many were saying oil was going back down to $20's. It would have been insane to keep pumping out oil and selling it at low prices..What would you have preferred? Continue selling a non renewable resource at a loss just to maintain production levels? Did you even consider whether CLL has any storage capacity? I'm also very certain that you'd be the first screaming bloody murder if CLL kept pumping and selling 10k at $20 ( or lower) oil.Look any money it cost to temporarily decrease production will be MORE than made up by selling the oil at current prices than previous prices.
"Why didn't we found support at 3 which was for a long time a very good entry point.
Good question,,The real question you should be asking is how did CLL SP perform when compared to other oil sand companies. Heck if CITI Bank can drop below a buck, then I'd say CLL faired pretty well.
Look, like I've said earlier. If CLL wasn't performing adequately or not being forthright with it's dealings, then the recent share offering and financing would have failed.