I am positive the new CEO is looking to grow the company. There are equipment shortages in the US because of the domestic oil boom. (Consider HEMI's need to buy equipment to keep up its schedule.) NAEG had to go offshore to acquire rigs and financing.
Mr. Rees received his B.A. from Weber State University and his Juris Doctorate (J.D.) from New York University. To acquire a Juris Doctorate you have to be an incredibly smart indidividual.
Mr. Rees has served as general counsel to numerous public and private companies, and was Vice President for a large investment banking firm. He has extensive background in the oil and gas, public utility and petrochemical arenas. Mr. Rees has advised several companies including, Lyondell, Potomac Energy, Entergy and many independent oil and gas companies. (These are not mom and pop enterprizes!!)
He has the "talent in the room" to bring this mulitifacited company into a finely honed income generating machine.
This CEO has a proven track record with very well known companies.
If this man sees fit to travel and work the 'informal'network of peers he as acquired over the years, more power to him. This is how busines is done. If you can't nework, you can't grow. The world operates in a 'global' fashion. We better get used to it.
No CEO walks into a company and within one week, publishes a valid PR. It takes time to put his plan of action together, time to determine priorites, time to reorgaize your management and time to organize funding allocations. I am sure he is working overtime.
If you're unhappy with the price of the stock, blame the MM's. They've hammered every oil and gas stock that I can see.
Given the resume of Mr. Rees, I bet he'll capitalize on the good decisions of the past and fix problems of the future. I feel certain too that he will give the shareholders maximum value too.
For those who have fought for it, FREEDOM has a taste the protected will never know.
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