News out Thursday - gwx pays 3.4mil cash for 25% wi in NC's undeveloped lands - e-newsservices.com
No boe/ds, no addition to cash flow ... i'm not sure i like this ... here's the 17/11/98 announcement of the New Cache acquisition by Canaxas - e-newsservices.com
Haven't gone over the numbers closely, but it looks like big leverage here, which is fine if it works out ... goes against you when it doesn't, though ... like last winter's dry holes.
After 2.7 years with this thing it's trading at half where i bought in ... almost loaded up a couple of times, now very glad i didn't, this hasn't exactly been shareholder value enhancement ... question is - Where does it go from here? ... Will bottomline success tend to show up on the axas P&L ... assuming it shows up at all ... axas got delisted from the Nas and bumped down to the otc-bb, btw - biz.yahoo.com
... on the other hand, axas does seem to be up to date in its reporting so far - sec.gov
So now post-rollback there's one-tenth the shares out, the market cap is less than half what it was, liquidity is lower even than before, the company announced a normal course issuer bid but we don't know if they actually bought any shares [most don't][and if they did, it just further reduces already poor liquidity] .... can anybody come up with a good reason to average down? ... dumping is not an option, i'm too stubborn to take the loss at this point ... the 2Q99 posting will be interesting, we should see them mid-August or so, eh.
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