Probably the biggest mistake was the sale of their pipeline for $100K.
Keep in mind that a pipeline is a slowly depreciating asset, so there is no rush to sell. They could have held it for years and waited till the oil price recovers before selling.
$100,000 is peanuts. Three years ago, the pipeline was valued at over one million dollars.
Note that the people behind the 249D request have a background in the US oil and gas industry:
*David James Wall is the MD of 88 Energy, which has operations in the US. He is also the second largest shareholder in Elixir Petroleum
*Dougal Ferguson is the MD of Elixir, which has a project in Colorado, not far from Entek's own project.
It surely isn't coincidence that they made their move the day after Entek sold off Slater Dome. They know what the assets of this company are worth, and after seeing them give away the pipeline, they would naturally be concerned that all the assets will get sold off on the cheap.
ETE Price at posting:
2.2¢ Sentiment: None Disclosure: Held
