it is not bad luck rather bad execution, page-37

Good to discuss facts jbm. Here are some more:
 
1. In April 2010 the SP reached a high of 4.5c (where the price is now) on the news of Gene’s IP.
2. At that time the company had $3.3M in the bank and $13M in debt, and was just about to issue a SPP at 3.4c to raise money to drill the Nth Stockyard wells.
3. The company had its Hawk Springs acreage totally untested, and didn’t have Fort Peck yet.
4. The SP jumped a couple of months later to a high of 7.8 when the CHK land deal was announced, which would raise just north of $70M.
5. The company paid off its debt ($11M at the time it was paid off).
6. It bought the Fort Peck acreage for $200/acre = $6M for the 30,000-odd acres it now holds.
7. It paid for a seismic 3D (about $10M I’ve seen someone estimate?) over the Hawk Springs acreage which identified the Perm-Penn conventional play within the Hawk Springs acreage that was previously un-identified.
8. The subsequent 4 Nth Stockyard wells – Gary, Rodney, Earl & Everett – have been drilled and are now in production.
9. It drilled SOA1 – a write-off due to the salt layer. Lesson learned and it is now completing SOA2, waiting for final results but we know oil is there, so just about to find out whether the Permian traps are a goer (a resource potential 3x bigger than the original Niobrara resource potential that drove the Hawk Springs acquisition for $50/acre).
10. Defender has now been drilled and waiting final final final results but we know oil is there, and we could still see 100+ bopd from this wildcat well, so Niobrara may still be a goer.
11. Gretel 2, Australia 2, and Abercrombie prove the Bakken potential for about 11,000 gross acres out of the 45,000 gross acres within the Fort Peck play.
12. Oh, and the company has just acquired a shallow, low cost play to act as a hedge against the higher cost technically more difficult Hawk Springs and Fort Peck plays.
13. All that and the company still has about $17M cash left and no debt. Deduct the $11M debt repayment and about $7M in net tax on asset sales from the $73M land sale price obtained giving a net $55M from the land sale, so the company has spent a net $38M on all of the above.
14.   And the company is producing a net 300 boepd today as opposed to a net 100bopd just prior to Gene.
 
Those are facts about what the company has done since the SP was last 4.5c just over 2 years ago. The company has progressed a long way since April 2010 for those that care to recognise it, and yet its price is the same today as it was back then, which means all of the above essentially counts for nothing in the eyes of the market, and apparently to some here. Could the company have done better – I think we all agree it could have – but thats different to saying the above counts for nothing.
 
Cheers, Sharks.