2008 - a rights issue review

OFFER

The company intends to apply the funds from the offer in the following priority:

1 - bulleye - met
2 GH to be drilled in june 2008 - nope
3 North Kettlemeb in july 2008 - nope
4 Acerage rentals - part met. lost 1/2 of acerage along the way!
5 SE lost hills - met then feel apart as usual

REALITY

Management surely had a good idea about the problems with the california acerage and still used the californian hype to get a capital raising over the line???

They have spent $6 million in 1 year and have 5% of two wells.

A pathetic return.

HONESTY AND INTEGRITY RATING

I feel like a fool for ever thinking they intended to use that money to drill california. I cannot rate such blatant manipulation of share holders