It is always a concern to me when fingers and pies are involved because in my experience it means that the eyes are on different balls instead of being focused on the important one which in this instance is EDG and a unified effort is needed here to get us round the corner and on to the SP ladder a.s.a.p.
Think in the long run it will be a smart move delaying drilling until they had rechecked theirs and others (remember TwinButte are neighboursand had water cut issues latterly after long success I beleive)models/info to reduce risk and maximise prospects when start the drilling.
Although can be frustrating when perceived 'delays' when theyb are for the right reasons it's the right thing to do.
As far as directors not getting paid other than by stock optionsI think Brad is the exception as he is as CEO, an employee and I think as Robsky says his salary is around $ 228000CDN pa.
Wih his share options he has a major interest in the success of the company going forward
sorry this looks a bit carp patch from sedar does not cut and past very well and the reason I said from memory but cannot find where I read it. this is from audited accounts 2013.2012. . (b) Key management compensation The remuneration of key management personnel of the Company, which includes both directors and officers, is set out below in aggregate. For the year ended March 31, March 31, 2013 2012 Salaries and bonuses $ 484,834 $ 344,625 Stock-based compensation (1) 206,971 146,728 $ 691,805 $ 491,353 (1) Represents the amortization of stock-based compensation expense as recorded in the financial statements. Total salaries expenses for employees, directors and management included in general and administrative expenses on the statement of loss for 2013 is $816,000 (2012 - $787,000).
An annual stock option grant is the only compensation directors receive for their services. As part of its annual grant, which has not actually occurred since August, 2011, and to replace soon-expiring options, the Company also announces the granting of 3,200,000 stock options to directors and officers of the Company. The options are exercisable at $0.11 per share, vest in quarters over a three-year period and expire five years after the date of gra
I have to say patch6 that our Brad draws a fair old salary on top of those share options, from memory something like 230k pa so not a drop in the bucket and I would like to think that he is worth that.
It was a long summer but for great reasons. After some negative news from a neighboring competitor in the area, we took a conservative approach to ensure that when we made the final decision about how to spend your valuable capital, we were going to do it with high certainty. So, we cancelled our summer/fall drilling ambitions and “hit the books” so to speak. That meant that we started from the ground up with our geological and geophysical models and reconstructed our understanding of our, and neighboring, reservoirs. This took months. But we emerged with a high degree of confidence in our asset base and, as you can see by the speed of deployment of the newly raised capital, a high degree of confidence in the drilling program. That brings us to where we are today – having moved a rig and kicked off a multi-well program!
As I’ve mentioned before, our wells typically take only 3 days to drill and we are usually able to have them producing in a couple of weeks, so I look forward to communicating the results of the drilling program with you in the near future.
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