LOUISVILLE, Kentucky – Can a direct correlation exist between fixing a rod break and a jump in a company’s stock price? Well, according to Mitchell Rickenbacker, an intermediate Production Engineer with BDS Energy Corp, the answer is yes.
If you look at the graph that I prepared for this newspaper, it is very clear that when the rod broke on our Geogia 15-32 well, our stock took a huge tumble. But within a couple of weeks of fixing the rod and getting her back on, the stock climbed. The same thing happened for another rod break (or was that a casing leak) a couple of months later. That cannot be coincidence.
A series of rod breaks and workovers that are believed to have directly impacted company stock price.
When asked about this, senior stock analyst with First Petro Investment Bank, Bruce McKinnie, told us that the evidence that Mitchell has prepared is purely circumstantial and there is nothing concrete to support his claims.
Bruce McKinnie, Stock Analyst
There are a number of things that can cause an operating company’s stock price to fluctuate. It is very, very unlikely that bringing on the Geogia 15-32 well (which was producing 7 bopd, 0.006% of the company’s total daily production) can have this dramatic effect on a stock price. In fact, it is safe to say that investors didn’t even realize that the well was down.
Michell’s workmates call bullshit and continue to give him the gears day in and day out.
