It was not the wrong call on Brimmage. He may have started the company and got some of the assets BUT basically for the past 4 years with him as CEO/Managing Director the stock has gone nowhere. The Company started this year with $10m plus in the bank, basically all the same projects and a share price of around 23c (which went to high 20's in Jan). Since then, despite drilling in the GRB which has produced oil flows and a successful hole in the GOM the stock has halved. Why? The posts over the past 12 months will tell you a total lack of promotion and marketing and therefore understanding of the company has been the cause. An earlier post compared ETE to stocks such as SSN, TXN, SEA, AUT and AZZ who are all onshore USA and all of whom have had significant share price rises. If you look at some of those stocks thery have sold their acreages for plusUS$3,500 per acre with no more results than ETE. If you apply the same vbasis to ETE the market cap should be $100m plus not $30m. In removing Brimmage it allows the new CEO Trent Spry (who has been with the company for over 12 months), to put his mark on the company to brokers etc. This guy is young (around 37yo) compared to Brimmage who is 60 plus. He is highly qualified, knows the USA extremely well and has very serious oil background. The company needed a clean sheet and this will enable Spry to operate his way. I have no doubt it will be positive.
ETE Price at posting:
12.1¢ Sentiment: Buy Disclosure: Held
