You sound a bit Cynical O&W being a growth company I would expect most or all revenues to be reinvested in more drilling and acreage, increasing assets and production and therefore market capitalisation and share value ready for sell off at 400 - 500 million.
Rita Whittington, COO of Magnolia, said, 'Magnolia's excellent operational performance in 2013 in terms of well count, production and proven reserves, has translated into a strong set of full year financial results. The increase in the borrowing limit of the Credit Facility before the completion of our updated Reserves Report provides third party recognition of the rapid progress made. Since the turn of the year, there has been a significant increase in the number of new well proposals across our leases in proven formations such as the Bakken and Three Forks Sanish in North Dakota and Mississippi Lime and Woodford in Oklahoma from established operators such as Devon Energy. As a result, we are confident that the strong momentum behind Magnolia will continue into the current financial year and beyond.'
Im taking some comfort, that almost certainly now, the sellers / shorters have finally run out of steam after what was an eternity of never ending drift. We now look to have consolidated with some strength at this level. I truly believe this is now sat on its ass waiting for some buying interest which will surely see us on out way again....and the words 'about time' seem an understatement.
Bring on the Production news and CPR Rita...lets get some cheer back into this excellent share.
Poacher - I agree this situation is laughable. In this day and age, why all trades from all trading platforms cannot be reported in one place is beyond me.
As the world becomes more and more IT connected and savvy, so it seems that any old trick is used to disguise reality when it comes to share trading and duping PIs.
It is the same with reporting buys and sells AS buys and sells. When I deal via HL, each transaction is clearly indicated as a BUY or SELL - excuses that the information is difficult to report is just a smoke screen.
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