As expected the company over promised and under delivered on production, no media spin/change of management can overcome that. They should have given the market a more realistic timeline and expectation about recovery from the vertical wells, rather than quote horizontal production figures from fields on the other side of the state (or other states) to get the larger shareholders holders hopes up that this may be Entek`s short term reality.
IMO the success of other shale oilers has come (after putting their foot on the land) from being in bed with the majors and levering off their technical expertise in horizontal fracturing. This does not come free and will require a sell down to make it work. Unless there has been more feedback from the AGM this is still on the drawing board. Entek does not have the cash to drill even one horizontal well, let alone the expertise.
Alternatively, value can be driven if someone else proves up horizontal oil recovery in the local area. This is currently not the case in the Green River basin. When it does happen it will not need promotion, the majors will be all over it, the share price will mirror the movements of the other oilers. I think this is truly what they are waiting for, as it worked so well for others.
At the moment Entek has nothing really newsworthy to report and there is a risk that any new management spin will come across as just that.
ETE Price at posting:
12.1¢ Sentiment: None Disclosure: Not Held