RE: Enough Board-Bashing! to Reaper & Rigel
As a PRX share holder, and involved in the oil and
gas business, I agree with many of the comments made by Reaper & Rigel. We are all trying to buy low and sell higher, while others can make money when a stock drops. Timing is everything. Who would have thought that Fracmaster shareholders would get ZERO when the company was at $25.00 less than 10 months prior?
Anyhow, with a small publicly traded junior, do not expect the 'Board' to be that independent of management, although they should be. How do you think they got together in the first place? That is right, they are normally friends and acquaintences to begin with, and hold many shares or options. Is that 'arms length'? Hardly... and with some of these groups, if you are odd man out starting to ask some tough questions, you could find yourself off the board or off management fairly quickly. Just ask the BreX analysts who asked the tough questions... they weren't invited back to any dinner parties soon.
Now, I am not saying that PRX falls into that category or that it has any reflection of BreX... far from it, I am simply making a statement and trying to put things into perspective. Like I said, I am a recent shareholder, looking for PRX to survive in some form with the firm oil prices which will drastically improve their cash flow.
Average decline on a gas well is also in the order of 20% in Alberta, and not the 12% that Reaper mentioned earlier.
The reserve game is somewhat of a game and it is not an exact science, especially when it comes to oil reserves. The calculations for gas reserves, especially with good production records, can be quite accurate. The question at the end of the day is can you produce those reserves profitably... even if they are there. Just because you are sitting on 1 million ounces of gold does not mean you will have a profitable mine!
I am betting that PRX will recover in some form and is worth more than .44/share. Reaper and Rigel make some very good observations. I suspect Reaper is involved in the oilpatch.