Ann: Quarterly Activities Report, page-15

There were a number of unlucky factors that killed HOG. The screw up with the supposedly flowing well was the fist blow. Then on top of this, Russia decided to invade Ukraine, and the oil price happened to crash at the same time as the US tried to assert power over the middle East and Russia by pumping shale and crashing the oil price. On top of this, a huge tax was slapped on Ukraine gas.. no investor could have predicted such a sequence of events, and if I recall correctly, the dump started happening before the news of the dodgy well was released. This indicates to me that some insiders knew what was up before all of us other chumps.

To top things off, in desperation, management decided to sell all of the Ukraine assets for significantly less than they paid. The most annoying thing to me was selling the gas processing plant for something like a quarter of the purchase price a year earlier. It would have been nice to see this asset leased out or something...but perhaps this was not possible.