A good solid O&G engineer...
...with lots of credible experience would help tremendously but don't neglect a credible manager with impecable (or even just decent) business management experience. For me I can see the possibility that the O&G just might not be there but a big part of the value destruction Lynn has done to this company is his piss poor stewardship of the business end of the company.
First mistake - diversification. Large companies can benefit from diversification but small ones generally don't. That's because small companies have trouble achieving critical mass in their core segment and when you open up multiple fronts you simply cannot devote enough resources, both capital and human, to achieve success. Nevermind what he diversified into - commodity markets where no internal experience exists and where competition is based almost solely on price which requires lowest cost production. That requires lots of capital (to achieve scale) and know how the company did not have.
Second mistake spending like drunken sailors. It's related to the first but the G&A of this company ha ballooned to absurd levels so quickly.
Third mistake - poor management of the balance sheet. Buying all those rigs, generators and other capital equipment was a seriously bad solution to their unavailability when paying higher lease costs or delaying action would've sufficed and saved the balance sheet.
This all led to the biggest problem the company is facing - the constant cash crunch and resulting shareholder dilution. This in turn led to the endless stream of criminal, in my view, and highly misleading press releases.
I could go on, the management skills of this CEO are pathetic, as numerous examples exist, but enough has been said, repeatedly. Suffice to say, a good engineer and a good manager would likely have resulted in much better performing stock. Don't know if changing them out now would help as I think it might be too late.
Note: As always, all of the above is just one man's opinion.
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