"Our ability to continue as a going concern is dependent on the renegotiation of our credit facility with our primary lender to permit additional development of our oil and gas properties or the monetization of some or all of those properties. We are engaged in discussions with our current lender concerning a potential refinancing and with an investment banking firm concerning replacement of our current bank facility with non-bank financing. We are also exploring to the possible sale of some or all of our producing oil and gas assets in North Dakota and Montana. In light of our current financial position, we may be required to accept terms less favorable than would otherwise be available to us in one or more of these transactions."
And too little and much too late.
"October 1, 2017, all staff and directors took 25% pay cuts in order to reduce salary costs. The cost of a number of consultants have also been reduced."
Still spending $4,800,000 on Admin!
SSN Price at posting:
0.3¢ Sentiment: Sell Disclosure: Not Held
