Management is taking steps to retain and incentivise employees. Its a different model, when you take away the "blue-sky", you have to replace it with something. The plan still has to be voted upon, and will likely become a positive if it passes. If you don't like it, you can always move your money to another company that pays out 160% and maintains its dividend with DRIP's and debt. Lots of those out there...

 

As for options and warrants, many are at or above the current trading level. People seems to always leave out the fact that those derivatives must be PAID FOR to exercise, cash that flows into company coffers. 

 

Like I have said before, I believe the stock will consolidate between $2.35-$2.50 over the next couple months as financing and growth shareholders transition out and are replaced. This type of action is very healthy for a stock longer term. There isn't going to be any instantaneous "pop" above $3. It will grind there over time...

 

The company has already taken very positive steps with the hedge-book, securing a pretty reliable framework for cashflows this year. I expect more hedging for 2014 to come (hopefully $95+), to give more visibility. So now it comes down to managing the assets, controling costs, and getting the most out the wells going forward. You need to incentivise and retain good servicers to achieve this.