So who is the problem?, page-6

I think that a lot here believe that ERM worked themselves into a position to offload the J.V. partnership for $15m . Reduce the risk of share purchases (to get control) with a defined $15m cash repayment. Management (supposedly under ERM control) explained the tenements under 100% ownership would
be easier to farm out.
If positive things start to happen (slow wheels in a micro cap.) the landscape will change. It is a hard road in this industry at present where risk is not commensurate with reward.