Jag, here is what I asked: Tom, if we hit the Mesa and prove the field and sell it for 500M, would you give dividends to the shareholders?
Here is his response as I remember (not quoting): I am a shareholder. If we received a fair offer I could easily see giving a buck or two as a dividend. I own 40% of the company and would receive 40% of the dividend. My plan is to live off the dividends, that is how I will make money. We will still have plenty left over for drilling.
IMO, If were able to sell the field for 500M, he could give a dollar dividend and still have 300M for expenses. You can do a lot of drilling for this amount!
This is the jist of what he said and also said in the meeting. I agree that it is unusual for a growth company to pay dividends, but in this case, under the circumstances, I believe it is likely. It all hinges on our success at the Mesa project, proving the field and then the buyers and money will come.
All of the opinions expressed here, inclusive of all my past, present or future post, are mine, and mine alone. The opinions expressed are not a buy or a sell recommendation. Do your own Due Diligence.
