It's not a question of whether it's "sanctioned fo
Post# of 39368
Posted On: 11/21/2013 2:17:03 PM
It's not a question of whether it's "sanctioned for release", it's a question of if the is information legally prohibited to disclose. If it can be considered "insider trading," then I can't release it.
If a material event is publicly disclosed AND we don't have an NDA on the contracts, then I am allowed to provide information on it. Even then, there is a fine line I walk on.
For example, I get daily questions on specific numbers and information contained in the 10-Q for the third quarter. That information is not allowed to be released until its publicly filed and released per SEC guidelines. I've have daily phone calls with investors upset with me that I won't tell them the most minute details of Company operations or I won't disclose information on information that is CLEARLY insider trading.
I won't break the law or break a legally binding contract to release information to calm or please shareholders. I think that's a fairly reasonable standard to uphold anyone to and asking me to break the law to make them happy is an unreasonable request.
I will state though as a last bit of information -- I hold the IR department to a very high personal standard and I do my best to ensure that communication is not only accurate and true, but that it is consistently given when requested. TECO has a fairly liberal policy when it comes to releasing information on current company operations. It is VERY hard to find a company that consistently produces operational updates on a weekly basis. Even large corporations who have IR departments that consist of call centers and hundreds of people don't release weekly operational updates for shareholders.
We instituted this policy to ensure that shareholders are caught up on all company operations. Unfortunately, shareholders are now taking slow operational moving times as "we're hiding something." That conspiracy theory gets expounded when someone on iHub posts misleading or inaccurate or completely false information.
Right now, we have people in Texas creating the next plan of operation on the Kubacak Lease. We're almost done with the Stockton #1 and completed the Stockton #2. The Stockton #3 is next on deck, but we're waiting for some routine maintenance to be completed and to get the contract signed for the Kubacak #3. We want to use the same contractor, but we only had them signed for Stockton #2 & #3 so we have to rework/plan for the next three wells in the queue.
If a material event is publicly disclosed AND we don't have an NDA on the contracts, then I am allowed to provide information on it. Even then, there is a fine line I walk on.
For example, I get daily questions on specific numbers and information contained in the 10-Q for the third quarter. That information is not allowed to be released until its publicly filed and released per SEC guidelines. I've have daily phone calls with investors upset with me that I won't tell them the most minute details of Company operations or I won't disclose information on information that is CLEARLY insider trading.
I won't break the law or break a legally binding contract to release information to calm or please shareholders. I think that's a fairly reasonable standard to uphold anyone to and asking me to break the law to make them happy is an unreasonable request.
I will state though as a last bit of information -- I hold the IR department to a very high personal standard and I do my best to ensure that communication is not only accurate and true, but that it is consistently given when requested. TECO has a fairly liberal policy when it comes to releasing information on current company operations. It is VERY hard to find a company that consistently produces operational updates on a weekly basis. Even large corporations who have IR departments that consist of call centers and hundreds of people don't release weekly operational updates for shareholders.
We instituted this policy to ensure that shareholders are caught up on all company operations. Unfortunately, shareholders are now taking slow operational moving times as "we're hiding something." That conspiracy theory gets expounded when someone on iHub posts misleading or inaccurate or completely false information.
Right now, we have people in Texas creating the next plan of operation on the Kubacak Lease. We're almost done with the Stockton #1 and completed the Stockton #2. The Stockton #3 is next on deck, but we're waiting for some routine maintenance to be completed and to get the contract signed for the Kubacak #3. We want to use the same contractor, but we only had them signed for Stockton #2 & #3 so we have to rework/plan for the next three wells in the queue.
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