The problem is that no-one believes the reserves. There will be a new reserves report at the end of June. Unless it's certified by a Ryder Scott or Netherland Sewell, they will have little to no credibility. You can also expect a downward revision. Also, the company + analysts that have covered the stock, have always maintained that the reserves will only be validated by production. So far, production has been the missing link and is very unpredictable. It appears next week's production report will show a decline for the March Q. Don't waste too much time on reserves for now.
FDM Price at posting:
27.5¢ Sentiment: None Disclosure: Held
