I'd say it's more a case of one investor fell behind in their obligations, dragging the sentiment associated with the whole deal down with them. It's not that the investors didn't see the value of Xstate or of the PSA, it's that once one of the four fell behind and there were initial complications, the other three refused to deliver on their obligations because the power of the deal (if three rather than the four bought in) was substantially weakened.
On the flip side, now that we have an independent valuation of the oil field deal at $75.6m, there's no reason why four new investors who are good for the money cannot be found to fund a new round of subscription agreements. And there's no reason why new investors shouldn't pay a similar premium given the $75.6m oil field deal valuation as well as the progress we've made in the Sacramento Basin.
Personal opinion, pure speculation, DYOR, seek professional advice etc
(20min delay)