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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: aknahow who wrote (1975)1/14/1997 1:06:00 PM
From: Kerm Yerman   of 24939
 
George / Orbit Oil & Gas

Been following your conversation with Graham about Orbit.

Let me first mention that Ranger did want Orbit when they acquired Czar Resources. Board recommended against it and why not. It kept the same people involved with same play which appears to be good situation for the company. Survivor tactics. If I remember correctly, there was a third party that was becoming involved with Czar and Orbits exploration activity. Does anyone remember the name of that company.

On paper, I agree future of Orbit looks good. I thought this way about Czar Resources three years ago. Czar did grow at a good rate if you were to check out dollar numbers and production numbers over their last few years of existance.

My problem with management is this. With this growth, shareholders never benefited. Every year, management was given options to purchase more shares, something to the tune of 10% of fully diluted shares outstanding at the end of each year. This kept their pockets lined with the benefits. Also, they were free to raise capital every year via equity offerings. Between these two factors, per share numbers never really increased.

Bottom line, history of management proves they are not interested in maintaining and increasing shareholder value. They take care of themselves. No doubt Orbit will grow, but will shareholders benefit with this growth. Monitor notes to financial statements very closely, especially those concerning options granted to management for purchase of additional shares.

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