" Given the performance of the past year, should we assume that a different level of managerial effectiveness will be demonstrated going forward? If so, Why?

The market has already given management it's vote of confidence by purchasing $176 million in shares and providing new financing.

Not difficult to give some confidence if you do the deal very cheap.Maybe that's also a reason they get the financing done .

As Brian pointed out .They took the risk to lower production while they are almost at design capacity.Now to achieve the output again they needed extra tools and also some extra well pairs too if I'm right?Like Brian said about the loss of barrels they can't sell now due to the lower impact.I said it before if was just a case of panic football .

Look at the chart

From mid Nov. until let's say april we were back on track.

They missed their hedging too.You don't act when price is almost at his lows.They must done when oil was falling below 90 again.Then we should have made money.If they bought put options at 90.

But for the guy "moneytospend" it could be attractive to by some at these levels.They had the needed money right now and start building again.Economies seems to have found some support though it's still waiting to resume an supported uptrend but maybe it's worse a risk right now.

I'm in PDP now because I hope they found a good well and could sell their Argentinian stake for a good price.The rumour is that 2.5 is somewhat a bottom value for their assets.