Does any other HC poster who holds K2 Energy shares have any concerns re the suspicious actions that are being aluded to by current management re the operator "Metro Energy".
Tony Brennan former Chairman of Tomahawk Energy, stated to me via e-mail after i had critisized his performance that the company was cash flow positive, which in fact was an outright mistruth.
THK and KTE have never been cash flow positive, in fact far from it!!!
There is also the mystery of all the "successful" wells that Tomahawk announced time after time and yet nothing eventuated except that they have recently been described as "un-profitable" and shut down.
The association between Metro Energy, the operator, and Tomahawk and K2 Energy is by my standards extremely questionable and in fact could be deemed suspicious?
I feel it is way beyond time that all the K2 Energy shareholders are bought up to date with the facts as to exactly what has been going on, as at present we have been told that an audit of the operators activities on behalf of THK & KTE has been called for to which Metro are fighting to avoid this occuring and that legal action is now being taken.
I have retained all my correspondence between the company and myself, as the way this is going a class action may be necessary and the only means of partly recouping our investments.
Interesting reading is the presentation released today via the ASX of Redfork Energy, who operate in Oklahoma also drilling in the Woodforde shale as are KTE.
They are drilling 20 wells in 2009 (4 drilled to date) and yet we are told that KTE due to the current economic climate, all drilling has been suspended to conserve cash until the position improves.
If any other shareholders read this posting and feel as agreived as i, then your comments would be appreciated as i may then arrange to receive a copy of the KTE share registry to follow this matter up with all shareholders.
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