Financial ruin is an understatement but no one to blame but ourselves. We had plenty of opportunity to bail out. I'm trying to get my head around the situation as it stands. Here is how I interpret where we are: The earlier statement re "fault zones" and 'frac hits" means that there is 2000 odd acres we leased which is useless. That would be the acres where we drilled 9 wells and poured in how many million? Don't really want the answer to that one. So not only have we blown millions, a fair chunk of the acreage is rubbish "The Company anticipates that anadditional 2,049 net acres will expire by year-end 2019. At the present time, the Company is not planning to renew or extend the expiring leases". That leaves what???? 4500 net acres? So some limitations there. Can understand the need for some more land. But there is the immediate stress from the WF facility. We have to complete the 3 Tamu wells to lift reserves. But that only address's that immediate problem. But to get on top of that we need somewhere around $13 mill. There is no way we can pay down the facility to bring us in line. So where does the the 13 mill come from? CR at $0.015. That requires an additional 1 billion shares (just short of)!!! Really!!!!!!!!!! FFS I can't even get my head around funds for new acerage and development of that acerage. Second bottle of cheap red needed I am so disappointed in the previous management under the guidance of Yeager. Gutted!
FDM Price at posting:
1.8¢ Sentiment: None Disclosure: Held
