Malmoe - their level of disclosure is so poor that it's not...

Malmoe - their level of disclosure is so poor that it's not possible to determine how many wells are producing but we do know that they have drilled well in excess of 100 wells since listing. So average 6 barrels per day for each well costing $250k (plus rig acquisition, leasing, large management salaries, salaries for huge team of geologists, engineers and field operational staff, and of course operating expenditure on the wells themselves). Don't forget to take 25 percent straight off the revenue line for land owner royalties.
Furthermore, we must remember that the prospectus stated that they would be able to fund all drilling with free cashflow within months of listing yet they've raised 70 million since then. In the last quarter alone the cash balance has fallen by the amount they raised in the IPO!!!
Short.