current price equivalent at 7.6c !!, page-17

Anonymous1,

your frustration and negativity is understandable, but it sounds like you went too heavy on the options. You shouted from the mountain top about giving away our land for nothing when the 2 JVs were done, when the sp rallied towards 20c the options could have been sold for some profits. Why didn't you? Options are time critical. I saw that the timing was out and disposed of it accordingly. As Rafish said, they are the relics of the old management. You could not possibly blame it all on Cottee. I very much doubt that he intentionally drag things out so that the options will not be exercised. It makes more sense to dilute through option conversion at 16c than to raise cash and dilute at 10c. I don't think it was within RC's capacity to get it into the money due to the timing constraint.

I have to disagree that we have given away our land for nothing through the JVs. We compared pretty well with other farm-ins in other onshore basins recently. $300 mil of OPM with 2 majors is an excellent feat! Given that at the time we were virtually penniless, just emerged from a dysfunctional board that compared well to a TV soap opera, and fought away a hostile control by some eccentric big fella! The 2 JVs could have been instigated by the previous management, but they would never put ink to paper with the circus that went on with previous management IMO.

RC have done everything right so far except, dissappointingly, bringing the sp up and put the options in the money. But I have seen other companies went through the same thing as CTP. It takes a while to steer the ship back to the right direction. What RC is doing now is exactly what needed to be done - laying the foundations and putting structures in place for the company to grow. When it starts to click in, the same people that got shaken out at the bottom will be the same suckers that will be buying back in - right at the top!


IMO IMO IMO! DYOR DYOR DYOR!