a hangover from moonshine????, page-3

Good thing that the cash is real because it looks like the entire pile is going to be spent in the 2nd half along with everything else they make as well.

Increased capex spending will wipe it out.

On US$31.6 million in revenue for the first half, the company was only was able to increase cash by US$6.1 million. A pretty p_i_s_s poor result.

Once the EARNINGS report comes out, it will not be a pretty sight. Very little E in EBITDAX.

This quarter should be a wake up call to the potential of PSA if they ever get their ducks in row and actually perform.

It should also be a wake up call to the shareholders to start demanding that a more professional approach be taken to running the company as far as corporate governance and information is concerned.

The Price Lake 'venture' is more disappointing that just the bad result. IMO shareholders were sandbagged on the entire project from the start to the (hopefully) last disgusting chapter. The partner was kept secret under IMO what amounts to spurious reasons.

As far as I can recall, the program was to cost US$5 for the wells and a third well was contingent. The release makes it sound like there was a requirement to drill the third well regardless of the result of the first two......

Cost overuns (huge for the size of the project) reported to shareholders at the very last possible moment, no production or flow reports ever released, no up to date information to the LA DNR on the second well......

The Price Lake venture (disaster) really shows that PSA still hasn't learned its lessons.

Maybe the market will now look past the previous PSA problems and start to re-rate the company...

Another "price lake" in Moonshine would be a disaster.....