Ed,
The company is full of promoters and snakes with a long track record of loosing other peoples money.
1. They don't own a pot to pee in!!
2. Auditors are "Mann Frankfort Stein & Lipp CPA's
3. Total value of proved oil and gas properties on balance sheet is $838,082 (that dollars, not thousands or millions)
4. Working capital is a negative $800K
5. Cash flow last Q was a negative $1,316,000 up from a negative $592,000 the same quarter last year. (nice growth, but the wrong way)
6. They own a 9.3% interest in a company who has an interest in 10 wells (that's as in the number 10).
7. Production was down last Q to 14,487 Mcfe from 68,090 Mcfe the same quarter last year. (that was Mcfe, not MMcfe)
8. There biggest claim to fame so far is they got Warburg to invest $85,000,000 in this wonder full exploration program. (poor Warburg).
Lots of hype hype hype!! Long track record of losing other people money. Management is nothing but a bunch of x-investment bankers who are good at spending other peoples money.
I don't see anything here but hype.
They may hit a home run, but your odds are a lot better at Las Vegas where one of there top three shareholders is located.
JMHO,
Jim |
