10Q Filing, page-6

I admire your research into SSN and yes you raise concerns going forward but don't you think the market has priced SSN on the ASX (m.c $13.1 mill.) & NYSE (mc. $10 mill. USD) accordingly based on their current performance & going forward?
I am not an oil & gas man but I do have an idea on numbers and for me I don't see it as drab as painted, if we look at the basics -
- earnings pers share (6 months) - 2015 = -0.59 2016 = -0.07 Good
- For the three months ended December 31, 2016 and December 31, 2015, we reported a net loss of $1.5 million and a net loss of $14.7 million, respectively - Good
- Our net oil production was 76,784 barrels of oil for the quarter ended December 31, 2016, compared to 51,888 barrels of oil for the quarter ended December 31, 2015 - Good
Our net gas production was 15,186 Mcf for the quarter ended December 31, 2016, compared to 93,332 Mcf for the quarter ended December 31, 2015 - Bad
- "As at December 31, 2016 we were in breach of our spending cap with respect to the general and administrative expenses. We have received a waiver with respect to this covenant. We were in compliance with all other covenants as at December 31, 2016." Good

"Looking Ahead
We plan to focus on the following objectives in the coming 12 months:
· Continued focus on cost savings and efficiency across all aspects of the Company including lease operating costs and general and administrative costs;
· Continued focus on strengthening the balance sheet through strong capital management;
· The successful integration of the properties and assets acquired in the Foreman Butte Acquisition, and the review and workover of such assets;
· The continued appraisal of our Cane Creek project in the Paradox basin in Utah;
· The continued search and appraisal of new development and exploration projects that add value to our current portfolio at lower oil prices;
· Repayment of the $4 million promissory note issued to the seller in the Foreman Butte Acquisition; and
· Regaining and maintaining compliance with NYSE MKT listing standards.
Our ability to meet these objectives will depend on our ability to raise additional capital to fund the planned development program."

I believe the cautionary statement you quoted is just that, cautionary. They need to say that in such a drab market to cover their butts.

Anyway that's my basic take and that has done me well over the years in "investing" in sub junior stocks and I feel SSN is pretty much at the bottom. So far the market / price has not reacted in any direction based on this quarterly so I'm happy to buy at these levels.