The only real red flag for you detractors is share price related which is mostly out of company control. The red flags for me are debt, cashflow issues, operations not going as planned in terms of , on budget, safety ( but some understanding delays are part of the business) etc , etc which are company related.
The main red flag for me is lack of board independence but so far in all the time I have been invested, this lack of independence has not been detrimental to company direction and growth. The other red flag is although CPS were critical in financing to companies HBP drilling program, when no one else would, they extracted their pound of flesh and now that we are financially in a significantly better position, I would like to that relationship ended, and if it needs to be replace, a broker that actually supports the company with research and promotion.
The story has been consistent throughout... build tier 1 acreage and form DSU's ( done) , drill DSU's to HBP to facilitate uplift revaluation of the acreage as reserves can be booked ( done), monetize via full sale, partial sale, JV, farm out, BRK full development or any combination depending on what gives BRK the best return at the time of monetization (doing).
The specifics / detail of that final stage process in regards to the SWISH assets will be known when it happens.
The problem I have is I see what the company are doing behind the scenes in terms of leasing activity , which gives me a clue as to new DSU's , court dockets, which gives me vision on how the court approvals for DSU's , drilling permits etc is proceeding, tax site access which gives me production visibility with a 2 month delay and other goodies ... all of which is in the public arena, you just have to know where to look and spend the time in doing so.
I share pretty well all that info here, not always immediately.
So don't think I am a BRK sycophant, I just don't emotionally involved , look to data, facts to make my investment decisions, and react to those , rather than emotion and disappointment.
Cheers
Dan
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