Dave, I made the same move, and averaged down too early. All I can figure is, they needed the money pretty badly, or they wouldn't have done this to us (and to themselves, as they {maybe}hold quite a bit of their own stock).
But consider this...my conservative calculations on what the present production may do for share price put it around 2 1/4 to 3 1/2, depending....I know I break even a bit below 2 1/4, so anything above that becomes why I invested in this company.
Too, the company states that it wishes to become listed on the NASDAQ...that requires a $4 share price these days, and Oilex knows that further dilution will make that goal difficult to attain. So, maybe, no more debentures? That's my hope.
Suffice to say, I believe we are nearly over the hump. Time for the good news to begin, and this stock to march back up a bit. We need a bit more patience with Oilex, but it will hopefully be worth it.
Happy hunting!
Rick |
