Te company has either being neglagent with their info or being dodgy for sure.
Didno here know about the problems at helper? last sep - oct most were producing 2 mmcf per month that quickly dropped to about 200mcf of 1/10th they did some chemical treatment which actually caused more probs and many wells were producing 0! and still are.
The december quarterly stated clearly that RIDGE RUNNER WELLS WER producing and delivering gas to the grid. As of March 2008 these wells had still not had any production and were shut in or temp abandoned. They clearly lied or mis calculated. Utah state oil and gas records show NO production from CC up to March and the wells were not producing. So whats going on?
I contacted the ASX because of the obvious discrepancies with production, fact is the statements released by MAE and the offical info tell 2 diff stories.
Also how many times have you seen the ASX ask companies on market how they plan to fund their operations when they seem low on cash and burn alot ? well Mae burnt $9 M last Q and have $5 M in the bank how come they haven't produced a plan for future funding of operations.
They may be busy ( I hope they are) but itis inexcusable to not post market sensitive and important company info)
I want o know with 100% certainty
1. Are they cash flow positive NOW!
2. are the CC wells actually PRODUCING! not in the works
3 Whats happening with helper howdo they plan to fix the problems with flow rates, WHY DIDN"T THEY INFORM THE MARKET OF THE ISSUES!
4. WTF is going on with MAE are we to take their word on sparse repors or actual facts to which seem to tell a diff story.
Fact is if I find they have either with held info or just been incompetant I believe their is a strong case for them to answer if these promises don't come true.
There would be a strong legal case if they are talking BS and for one I will be taking it further if I don't get answers.
MAE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
