Mn;I suspect a major problem is that when they do drill they...

Mn;

I suspect a major problem is that when they do drill they can't find anything, haven't for quite a while. "Dismal" exploration sucess may the the understatment of the millenium.

They have tried debt financing twice, the first time around ended in bankruptcy. This time it appears to be the "perfect storm" again of horrible exploration results (to put the best face on it), massive (by PSA standards) debt to pay off, a normal but very rapid GOM production decline curve and destructive natural gas pricing (+/-US $4.00/mcf in February no less).

They still have the head office in Sydney (overhead), a Houston office that doesn't generate prospects (waste of time & $) and a "cast of thousands" in Lafayette where nothing happens.

I agree, Mn, it's a waste of effort to worry oneself with these folks. They had it really going twice, repeat twice, and the same two most senior people screwed it up both times.