Ann: Maverick Shareholder Letter, page-40

It seems we may have to do our own valuation for now.

What would someone pay for $50m in cash plus what may be 10 to 20 million barrels of oil underground that is economically recoverable?

Is this worth about $200m in terms of expected value? If so this would be around 30 cents per share. Was this basis for cap raising?

Note continued lack of volume. Sale of 10m on one day could have been one investor. People are hanging in there. Rightly or wrongly.