I agree with you that the fundamentals and business strategy has...

I agree with you that the fundamentals and business strategy has not changed and the long term thesis is till intact however what management has done has set a terrible precedent for the future which will have an impact on the share price for the foreseeable future.

Any strengths in the share price will get sold into not just by the the cap raise fundies, who mind you are happy with 10-20% gains and have absolutely no interest in holding long term, but by existing retail shareholders who are now well aware that management will happily throw them under the bus on the next cap raise by issuing a truckload of free options to their mates in high places.

Now I really hope that Flames is organically financed but you can’t guarantee that a cap raise won’t be required in the future either for Flames or to fund additional acreage acquisition and now we have a pretty clear picture of what terms we can expect for those future cap raises.