Below is the text of an email received from him within the last half hour. First is text/subject line of my email to him yesterday evening. Hope this is of help to you all.
Incrementalism may lead to further undermining of confidence
There is no telling where this piecemeal approach will take this valuation. It doesn't do us any good to announce key personnel departures without revealing a plan to deal with the outcome.
If you want to turn this around, rather than see a further collapse in value, you must provide clarity for investors. This morning's announcement appeared very spontaneous and not thought out,
which was unsettling to the market. A comprehensive plan is what is called for and I hope further announcements will bring forth what this situation desperately needs.
I appreciate all shareholder comments. The best way I can show clarity and, hopefully, confidence is to "put my money where my mouth is". I have purchased 60,000 shares this morning, the first day that the company trading policy allowed me to buy shares. This represents an increase of about 12% in my ownership, which is already substantial and represents the largest part of my portfolio. Prior to today, I was prohibited from trading to allow the market to digest the press release and the impact of the related changes, and I bought at the market open. This represents an investment of over $600,000 in the share of Penn West but it was an easy decision to make. In my view, this will be an outstanding investment as I have full confidence in the refocusing of management on operational execution and the quality of our assets.