This is a slap in the face to small, long term "investors" who...

This is a slap in the face to small, long term "investors" who have paid anything up to $1.50 and hung on loyally in hope for years. Maybe they think there's not many of us left anyway.

I thought they would scrape enough money together to drill a couple of wells to prove what we have, then raise more at a higher price.

I expected dilution but not of this magnitude, but business is business and you have to spend big to make big.
So looks like more averageing down for me, when they have the courtesy of informing us mushrooms what the plan is.