this is absolutely unbelievable,any comments

.....This is the MAE CORPORATE HISTORY below and how much MAE have raised over the past few years and now they have not a brass razzo....Can anyone explain where the cash is?....I am staggered and thankfully not a holder just a researcher!

CORPORATE HISTORY

2004
... Marion Energy Inc. backed into ASX listed Carpenter Pacific
... $22 million private placement at $0.20 I share under new management team
... Acquired a 30% interest in the Jefferson-McLeod (East Texas) project

2005
... Sold interest in Maari oil and gas project in New Zealand
... Acquired a 63.75% interest in the Helper project in central Utah
... Farmed into Clear Creek project in central Utah for a 67.5% interest
... $5.1 million private placement - 16 million shares at A$0.32/share
... Renamed Marion Energy

2006
... $3.9 million private placement at $0.69Ishare
... Divested 15% of Helper project to Odyssey Energy
... Acquired interest in Oklahoma oil and gas re-development projects
...Increased working interest in Clear Creek to 80%
... Issued 26.7 million shares at $0.75, raising $19 million
... Increased Clear Creek working interest to 92.5%, subject to a 12.5% net profits interest
... Acquired 59.375% working interest in 22,000 gross acres in Roan Cliffs
... Acquired 16,000 gross acres, pipeline and gathering system at Jester-Bloomington, Oklahoma?? Signed loan documentation with Fortis Capital Corp. for a US$20 million 3-year senior secured
revolving credit facility

2007
... Raised A$11.25 million from exercise of 45 million options
... First formal reserve report: 264 Bcfe of Proved and Probable reserves (140 Bcfe Proved)
... Raised $43.55 million in a private placement of 48.4 million shares at $0.90 / share
... Divested East Texas assets, increased working interest in Clear Creek to 100% and Helper to
59.375% in a non-cash asset swap
... Bought out 2 partners in Helper, increasing working interest to 70%

2008
... Bank credit facility increased to $25.5 million
... Increased working interest in the Helper project to 100% and the Jester-Bloomington project to
66.67/100%; total 2P reserves increase to 319 Bcfe, issued 27.5 million shares as consideration
... $15 million placement at $0.86 / share (17.4 million shares)

2009
... Bank credit facility increased to US$36 million
... Goldman Sachs mandated to seek buyers for company / assets
... Independent MHA Reserves report indicates 139 Bcfe proven reserves, 85 bcfe probable
reserves and 18 Bcfe possible reserves
..Bank credit facility increased to US$42 million
..$6.5 million placement at $0.15 / share (43.33 million shares)

2010
.. Extension of bank credit facility to 30 September 2011
...$2.8 million placement at $0.07 / share (40 million shares)
... Board reduction
... $3.4 million placement at $0.02 / share (170 million shares)
... Extension of bank credit facility to 30 September 2013
... Outstanding repayment of US$5 million credit converted to Convertible Note (6%, 30 Sep 2013)
... $4.4 million placement at $0.02 / share (220 million shares)
... $6 million Convertible Note facility with La Jolla Cove

http://www.marionenergy.com.au/IRM/Company/ShowPage.aspx/PDFs/1555-66025392/MAE_LodgeReport

...RB