IMO the SSN Board of Directors have secured their wages for the next couple of years at shareholders expense. They have now diluted the SP over the last 3 months approx 40% which is about 3 years of Admin costs.
If SSN where serious about Shareholders wealth they could have added real value by a successful refrac of Defender or drilled just one well in the 3 Forks Formation to further prove North Dakota. Instead they drilled 2 wells into the Middle Bakken and moved Frontier to another location before testing the 3 Forks. Any success in either location would have added substantial value to the SP where a CR could have been done at a higher level with far less dilution.
You would have to question whether there would be commercial oil in Defender or the 3 Forks when SSN keep delaying.
SSN may have raise funds via the CR; selling Roosevelt and now diluting the North Stockyard project, so how many successful wells will SSN now need to drill in order to start making a profit at current Working Interest.
Cheers Matsim
SSN Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held