Addax Petroleum (fka AXC)

[midtieroil]

Yeah they were tight lipped for 6 years after they drilled six dry holes, blew the deals with Noble, Anadarko, Exile, Pioneer Devon, Sinopec and then signed a terrible deal with CEPSA where they gave up 55%,didn't get a full carry on a single well and now owe 10 million to them with no way to pay it off. They also owe the IRS 2.7 million which resulted in a tax lien on their property. All this and the issuance of the equivalent of 300 billion shares with a 1:100 reverse split thrown in just for fun.

If I did terrible deals like that, I would be tight lipped too.

They also gave away 10O percent of one EEZ block for only 4 million and got nothing for the Chad block(s) which had to be forfeited because they had no money, no partner, and no time left.

All of this has resulted in a .0002 share price even after the RS, no remaining cash, not a drop of oil discovered and no remaining authorized shares left to issue. And they haven't allowed a vote for directors in about 5 years in clear volation of their own bylaws.

With all those stellar accomplishments how could anyone dare to complain?

Those are the real facts and the market knows it.