Probe's New Direction
posted on
Jun 04, 2008 09:57AM
As a shareholder of another natural resource company in the past, I can empathize with all concerned shareholders as management takes a unexpected turn with their strategic planning. I recall being upset when a company by the name of Yamana, back in time when it was a sleepy little exploration company, decided on a new direction. Most shareholders, including myself, were upset when management failed to settle their nerves with their changes by explaining to them what they were doing. Although Probe's refocus is not nearly as large as Yamana's was, I believe the basic comparision serves its purpose.
I remember emailing the management twice with questions and elaborating on my stock losses since their new direction was announced. I became so frustrated that I eventually sold all of my Yamana shares. At the time, if I had realized the long term significance of the directional changes being instituted by management, I would now be in a beach front house in Malibu, that's how much money could have been made.
We really don't know what's going on behind the scenes with PRB and what really management can tell us. Although my first reaction was negative when the drill rig was redirected, I must say I am totally supporting management this time around with my uneasiness. The last time I jumped ship I gave up the opportunity to share with other holders in what would become a lucrative success story.