Just to be clear what I meant by "agenda". Dr Peter Hill is as I'm sure is known, is also Non-Executive Chairman at Triangle Petroleum (NYSEMKT:TPLM) and has considerable pedigree in the industry). Doubt that he just wanted another directorship for his spare time.
Have to guess that TB knows PH - why else invite him to the board knowing full well he was likely to become Chairman in the reconfigured 4 man board.
TPLM share price has suffered greatly in 2015-present (as have just about every single E&P with few exceptions). However, TPLM is significantly larger than SSN (production Q3 (Oct)'15 ~ 13,685 boepd with Proved Reserves of 59.5MmBoE). Operating predominantly in Williams and McKenzie Counties in the Bakken. They have a drill services subsidiary and a mid stream subsidiary.
Importantly they show liquidity of approx $290M and no debt maturities till 2022.
Interestingly an 2yr chart comparison has SSN outperforming TPLM on a relative basis!
Does PH see SSN as a "bolt on acquisition" for NS acreage? Does he see SSN as a separate operating company under TPC (like TUS, Rockpile and Caliber?). Will he be active in SSN's future (I think so). Will that be value add to SSN shareholder (I hope so.... surely TB would fight as he has a significant stake - yes??).
Worth reviewing TPLM reports.
GFTA next week.
SSN Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held
