You can't blame the timing for the placement, with the high level of interest in other shale oilers the company did well to tap the interest when it did.
However, unlike others like SSN and SEA the placement was not followed up with immediate and tangible development action (even if just a permit to horizontally drill) and with a locked in development timeline communicated to the market.
No news, even for a few weeks is treated as non performance and is not accepted in the current market for a small cap. Having a good geo to talk up the resource is vital, but by itself nowhere near enough.
ETE Price at posting:
12.1¢ Sentiment: None Disclosure: Not Held
