I tend to agree with Nunso on the point of Yeager lacks talking up positive announcements. This certainly could have helped build up the share price prior to today's announcement which i believe was a bit of a let down looking at cash on hand only being $9m with a monthly profit of $4m whilst spending $19m on oil and gas development and keeping in mind the Wells Fargo situation. They obviously need to spend money to make money but i can't see the financials improving until they have another 6 or more wells producing which is going to take some time. There has been a lack of market updates as i stated before where updates were only provided on the Freedom Oil and Gas website which doesn't and hasn't attracted new investors. I have held MAD, now FDM for many years and averaged down when Yeager come on board as his credentials were impeccable for a company of this size. No doubt he has turned this company around for the better but the declining share price suggests that if it goes below .23 cents there could be a sharp drop before finding support. Some may say Yeager has stated only what he needs to which is the facts but there is no love for this company right now so i believe he could have at least made more regular "operation updates" to the market that could have been price sensitive. I sold my shares today and will look to re enter at a lower price if the opportunity comes along. If it does bounce at these levels good luck to all holders but i'll watch from the sidelines for awhile.
FDM Price at posting:
23.0¢ Sentiment: Sell Disclosure: Not Held
