Ann: Foreman Butte Project Update, page-9

"Oil is in a primary uptrend". Yes it it is .... helped along with USD TWI being at lowest in 3 years.

Sure, there are plenty of oilers with much more debt than $30M. Hold COP which has around $19B. So what.

Specifically to any company, it isn't the absolute $$$ of debt but the D/E ratio, with the E from the balance sheet (and SSN with last unaudited BS their E < $2M). Puts D/E at over 12. Talk about over leveraged and under capitalised.

If you were a financier would you lend $30M to a business with just $2M of shareholder equity?

Yes, it can get worse.

The longer SSN is without (working) capital the more its production drops (notwithstanding the addtional 500 bopd from workover which DOUBLES the production (just shows how bad it has become)), the less cash it receives from operations and the worse its hedging losses become (like the loss increasing from $1.2M to $1.8M in the month of Jan'18). Anyone else the current hedging in the Qtrly .... all swaps paid off???

Waiting for 10Q, half yearly and reserves report (esp the PUD cost) for the real info.

Yes, it can definitely get worse.