Just because a company CHOOSES to put out a PR doesn't make it a Material Event. Companies put out fluff PR's all the time.
The "it rained" PR was not a material event in the way the SEC defines the term. It was important to the companies operations because it made water available to do drilling and fraqing.
So many folks made fun of that PR I suppose because they didn't have sufficient understanding of the local area and how expensive bringing water in can be. The company got quite a bit of ridicule over that when they should not have.
On one hand people are asking for a lot more information and on the other hand the company gets ridiculed when they tried to more informative. Pretty much a no win situation for the company.
I believe that CB over reacted to the ridicle and has chosen to put out as little information as the law allows. I don't like it, but I can see how we got to this place.
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