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Chris, I suspect its someone who is "painting the tape" as they say. If you want to shake out the weak holders, dump a few shares at as low a price as you can every once in a while. You just might scare someone into blowing out their stock.
As long as these occasional dumps are on low volume I'm not going to worry about them too much. If they start happening with 10-15,000 share trades, then we need to re-think things here...
Scott, its been awhile since I looked at the initial listing requirements of the NYSE MKT (formerly called Amex) exchange and compared them with the NASDAQ, but my recollection is that they used to be pretty similar except for one key difference -- the NASDAQ had a much higher stock price requirement than the Amex did. But then I believe a year or so ago (or maybe it was even longer), the NASDAQ decided it was losing too many companies to the Amex so it came up with those special "penny stock" rules that we posted up on this board a few weeks go, which allow companies to list on NASDAQ with a stock price of as low as $2, which I believe is also the lowest price that the NYSE MKT will accept.
I believe if there is good news that accompanies or immediately precedes the date that the shares become free-trading, the stock price should do OK. If there isn't, then the stock price should more than likely dip, at least in the short term. But let's keep the big picture in mind, which is that the only way this stock is going to show sustainable gains going forward is if it can get the big boys to start buying it.
There is no way the big boys can buy this thing right now, given how thin the supply is. So we need more supply to feed the hungry wolves here. As tranches of new stock supply gets unleashed, there may well be brief periods of downswings in the stock price but to me that would be a small price to pay in exchange for the substantial long-term benefits to be gained from the added trading volume of the stock.
lewsogge, when you say they are not even close to meeting the minimum requirements, are you just talking about the stock price? I presume so since as far as I can tell they meet all the other requirements.
I have seen other OTC stocks successfully uplist. Most recent was Milestone Scientific (MLSS), which uplisted a couple of years ago.
This is great to see the stock rallying here. There is going to be about 2.5M shares becoming free-trading in less than 3 weeks, at which point it will be interesting to see what happens to the stock. Hopefully they will have some more good news to put out by that point on the progress of their business.
I hear you Scott, but how realistic is it to expect the stock price to get up to $2 without a reverse split? I can see the stock price maybe getting up to $1 or thereabouts but I just can't see it getting to $2. Note that there are a bunch of $.80 warrants out there that will impede stock price appreciation beyond that price due to dilution.
So we would need a reverse split but nothing like the 1:20 that happened last year, maybe more like 1:3.
(a) Initial Listing Requirements for Primary Equity Securities:
(1) (A) Minimum bid price of $4 per share; or
(B) Minimum closing price of $3 per share, if the Company meets the requirements of the Equity or Net Income Standards under Rules 5505(b)(1) or (b)(3), or of $2 per share, if the Company meets the requirements of the Market Value of Listed Securities Standard under Rule 5505(b)(2), provided that in either case the Company must also demonstrate that it has net tangible assets (i.e., total assets less intangible assets and liabilities) in excess of $2 million, if the issuer has been in continuous operation for at least three years; or net tangible assets in excess of $5 million, if the issuer has been in continuous operation for less than three years; or average revenue of at least $6 million for the last three years. A security must meet the applicable closing price requirement for at least five consecutive business days prior to approval.
___________________________________________
Thanks Art, the section referred to in the excerpt you provided, 5505(a)(1)(Is shown above. It looks like they could get listed with a minimum closing price of just $2 a share under this provision.
They will obviously need to do a reverse split to get to this point but hopefully they can get provisionally accepted by Nasdaq (i.e. told by Nasdaq that they qualify to list in all respects except they don't have a $2 stock price), then issue a PR to that effect, and then hopefully the stock price would go up a little on that PR so that the degree of reverse split can be mitigated.
Wow, that would be something if they could get the FDA to backtrack on requiring testing for the intra-articular instrument.
That Zack guy on the Yahoo MLSS board is definitely weird, in fact he succeeded in getting me to not pull up that board any more. Its too bad that Yahoo reconfigured their stock chat boards, the old system was so much better than the new one, in many ways.
Adrock, its interesting that I'm thinking about this very differently than you, at least for the epidural instrument. On that one they completed a study with very positive results, so it would seem to me that the FDA marketing clearance ought to be viewed as being pretty likely to be issued. But what good is a marketing clearance if you don't have a distributor lined up to market it. So that is why I believe the stock price should get a shot in the arm if & when they get a distributor for the epidural instrument.
Not sure I understand your comment about the intrarticular instrument. I thought they had previously announced that that instrument will in fact require additional testing.
Adrock, its great to see the stock price come roaring back to just under the price at which the stock was issued at in the recent stock offering. This is making me wonder whether the company is in the middle of negotiating a US distribution agreement for their epidural instrument and wanted to be able to update the distributor they are negotiating with on the status of the 510k application. Since that is material info they obviously would have to make that public and that is what they did.
So if I'm right about this, we should be seeing news of a US distribution agreement being inked sometime in the next few weeks. If this happens it should light a fire under the stock price.
Art, not sure who you are referring to. The company has already received the proceeds from the issuance of these shares. They got $.40/share gross. For that $.40 they had to issue 1 share and 1 warrant, exercisable at $.80. The Ladenburg investors who bought the shares probably would be willing to unload them for a relatively modest profit, or even at no profit at all, since they would still own the warrants.
My hunch is that if the company doesn't get the registration statement filed in the next 3 weeks they are unlikely to file it at all. This would mean that the shares issued in the offering would only be sold via Rule 144 (i.e. after the 6 month waiting period tolls).
BTW, for some reason the company's PR that came out on 1/19 never got posted on this website. Does anyone know what's up with that?
Buzz, I agree, and the ironic thing is that getting more trading volume is completely within the company's control but so far they have refused to take the step necessary to do that. They only have to file a registration statement for the 7.5M shares that they placed last October and voila, the public float would increase significantly and the stock would get the additional trading volume it so richly deserves.
But for some reason the company has chosen to hold off doing thid, not sure why.
devnull, yes, its good to see that they are still looking for a strong year, albeit slightly down from prior guidance. In their PR dtd. 10/3/16 they thought they would do at least $55M in revenue per year starting this year, and here we are a few weeks into the year and its already down to $52M.
This is starting to look like what happened to the guidance they provided for 2H '16 in August. For those of you scoring at home, that was a couple of months into the period over which they were providing guidance, so you would expect it to be somewhat accurate. In their PR dated 8/10/16, they said they should generate $13.5M in revenues over that period. Then 6 days later, in connection with issuing their 2Q #'s, they reiterated that guidance.
But then they put out a 3Q report with only $4M of revenue and we haven't heard a peep about 2H '16 revenue guidance since those August PRs. I would not bet the ranch that they will report $9.5M of revenue for 4Q boys & girls.
Even the See-Through Equity analyst didn't buy their jive, and is calling for 4Q revenues to come in at $7.5M.
I still like their story and am willing to give them a little slack regarding the accuracy (or lack thereof) of their revenue guidance. When you are starting up a business from scratch its not easy to pinpoint the pace at which you will progress. Also there is the question of whether your auditors will agree with you regarding your revenue recognition timing. I just hope they can at least come a little close to what they are shooting for.
I like this stock a lot and bought a bunch of it during the tax loss season but I decided not to chase it as it ran up in the last few days. I believe the price will come back down to around the $.40 mark as soon as they file a registration statement to make the 7.5M shares that they privately placed last October @ $.40 free-trading.
One of the terms of the October placement was that they would either file the registration statement within 45 days or pay back 1% per month of the funds raised until they file the statement. For some reason I'm unaware of, they apparently have decided to not file the registration statement yet and pay the 1% per month.
Jett, smart move to give this one a wide berth. There's obviously going to be a huge writedown to their proved reserves, which are due out by a week from Tuesday since that's when the 10K is due (or maybe they'll just prolong the agony and take the 2 week extension). Given the poor well performance combined with the lack of funding, its hard to see them coming up with a PV10 value that would not require some sort of writedown, but let's see what happens.
For folks looking for a good E&P microcap, check out Osage Exploration (OEDV) -- they are in the Miss. Lime play in Oklahoma, and just recently became an operator for most of their acreage.
Longinvest, my production figures are net to Osage's NRI, whereas the figures you are quoting are gross to the 8/8ths. Also, I believe your figures are IP rates.
This is a microcap E&P that is virtually a pure play in the Mississippian Nemaha Ridge play (they also have a small legacy interest in an oil pipeline and oilfield in Colombia). A long-time large investor recently blew out a bunch of his stock which has created a tremendous buying opportunity IMO. Peter Hoffman filed an amended Sched. 13D with the SEC on Friday saying that he had reduced his holdings to 5.3% of the total outstanding stock by dumping about 433K shares between 2/22/13 and 4/15/13. During that period the stock tanked by about 26%. The last time that Hoffman filed a Sched 13D, reporting the sale of 653K shs. between 9/10/12 and 11/9/12, the stock also dropped during that period, by about 24%. In the ensuing 3 months it then appreciated by about 113%. Not sure whether the next 3 months will be as great as that but I believe the chances of healthy stock price appreciation are quite high.
See a recent analyst report on OEDV by Barrington Research at (see post at SIBBR for upload link, http://www.siliconinvestor.com/readmsg.aspx?msgid=28865385 ) . This report shows a 12-month target of $2 and a 24 -month target of $4 on the stock. The analyst is calling for Osage's US production to increase from 241 boed to 440 boed between 1Q and 2Q. My hunch is that the 440 boed figure for 2Q might be a tad high. But then he is calling for production to increase to "only" 640 boed for 3Q, and I believe he is significantly low there, given the ramp up in drilling that is taking place currently. I believe production for 3Q will be a lot closer to 750 boepd.
Even if you just take Barrington's overly conservative 640 boepd figure for 3Q, that results in EBITDA for the quarter of $3.2M. That level of EBITDA should be more than enough to support a conventional reserve-based loan of well in excess of the $20M facility that they now have with Apollo, thus allowing them to refinance their current loan when it first becomes redeemable on Nov. 1. So the current 18% interest rate that they are paying Apollo, which may be spooking a lot of investors, is very likely to be history in 6 months, to be replaced with a loan bearing a rate closer to 5%.
In spite of the fact that the stock skyrocketed 12% today, most likely in response to Hoffman's 13D filing that got made late Friday afternoon, I believe its largest gains remain ahead of it.
equation got screwed up, here's another shot:
Y + .8X
-------
122 M shs.
times Z
has to =
X
---
16 M shs.
boomer, here is why I believe a 2:1 ratio is way too low for any share exchange of RDMP stock for XBOR stock.
Let X = value of XBOR business (net of debt)
Let Y = value of RDMP business (net of debt), without including the value of its holdings of XBOR stock
Let Z = exchange ratio of RDMP stock for XBOR stock
The equation for the exhange would thus be:
Y + .8X X
------- times Z = ------
122 M shs. 16 M shs.
A reasonable basis for valuing any E&P company would be the pretax value of its reserves less any debt. This would give a value of about $32M for X and $20M for Y. This would mean the right-hand side of the equation is $2/share. Yet if you use 2 for the value of Z, that would make the left-hand side of the quation worth only $.75/share. The only way to balance the equations under these assumptions would be to make Z = 5.3, not 2.
Would appreciate anyone's thoughts on either the approach taken or the assumptions used above. If I can get confident that the above is a reasonable approach and the assumptions I have used are reasonable, I would like to explore initiating a class action lawsuit against RDMP together with its officers and directors if they propose any merger between XBOR and RDMP wherein the exchange ratio of RDMP stock for XBOR stock is anything less than 5. If anyone reading this would like to join me in this quest please email me at edajootian@aol.com. If anyone knows any good SEC attorney who would be willing to take on a class action lawsuit for a contingent fee please also email me, thanks.
boomer, actually a sentence further down helped, it appears that RDMP was avoiding triggering the need to consolidate the books of XBOR into theirs until the end of RDMP's January quarter. Since XBOR more than likely recorded a loss in 4Q I guess this makes some sense. RDMP's accountants apparently bought off on RDMP's position that the fact that they had not yet closed the exchange agreements was reason to not assume that they had control of the stock.
Going forward XBOR should be profitable assuming they were somehow able to keep up with the AFEs that they got over the last 3 months or so. Consolidating XBOR's #'s with RDMP's will soften the blow of RDMP's continued losses.
seaoh, even more puzzling is the fact that the deal he's made with these XBOR shareholders doesn't involve the payment of cash, but merely the issuance of RDMP shares. So inquiring minds would like to know, why is Alan holding off issuing the ~10M of RDMP shares that is called for in these exchange agreements???
OK thanks boomer, so the plot thickens.
"As of December 27, 2012, the Company owned of record 7,615,241 shares of Cross Border common stock, representing 46.7% of the outstanding shares of common stock of Cross Border. In addition, as of December 27, 2012, the Company owned warrants to acquire an additional 2,136,164 shares of Cross Border common stock. As of December 27, 2012, the Company had outstanding stock purchase agreements pursuant to which it had agreed to acquire an additional 5,037,869 shares of Cross Border common stock and warrants for the purchase of 366,667 shares of Cross Border common stock. Upon closing of the outstanding stock purchase agreements, the Company would own 12,653,110 shares of Cross Border common stock, representing 77.6% of the outstanding shares of common stock of Cross Border as of December 27, 2012."
So it looks like you were one of the lucky ones, part of the 7,615,241 shares of Cross Border that RDMP had actually acquired and paid for as of 12/27.
Then we have the unlucky slobs who are part of the 5,037,869-share group, who have apparently signed an agreement with RDMP but have yet to get such agreement consumated. Apparently none of those in this group are any of your buds. Weird stuff, to say the least.
boomer, just curious, have you received your RDMP shares yet from the exchange, or is that still in process? I see from the 8Ks that have gotten filed on these exchanges that there is apparently quite a large backlog of exchanges that have taken place, yet for which no RDMP shares have been issued to date. If you haven't received your shares yet, have they told you when they will issue them?
If you don't want to answer the above, no problem.
sea, how do you feel now about your decision to vote for RDMP to take over the XBOR board?
boomer, thanks for your thoughts. So far it looks like you made a good decision in taking the deal. I see that RDMP succeeded in getting that $4M promissory note extended out to February now. Granted the delay amounts to just "kicking the can down the road" but it buys Alan some crucial time to see if he could get something else done.
My remaining concern about holding RDMP stock has to do with this XBOR overhang. The acid test will be, do we see added selling pressure come 12/13 (the 6 month anniverary from that 1M share trade done in June), and if so, would such selling be met by sufficient buying to keep RDMP's stock price from cratering even further than it has already for the last 6 months or so. I believe that the June trade was the first one done since the RDMP takeover of the XBOR board. The other thing we have going on here (with both stocks) is the tax-loss selling, for the next month anyway.
IMO anybody who has free-trading RDMP stock and does not sell at least a portion of their position before 12/13 has got to be an idiot.
boomer, I have no desire to do the 2 for 1 trade at this point, IMO that's just going from the frying pan to the fire. If RDMP can get this debt issue resolved satisfactorily I might give it another thought.
Am I inferring correctly from your comments that you've drank the cool-aid and done the trade? If so, just curious, are you planning to blow out your RDMP stock when the 6 months is up or do you think you will continue to hold at that point?
Great to see yet another solid quarter for XBOR. For the last 3 quarters their interest coverage ratio (EBITDA/Int. exp.) has been a stellar 13:1. If & when they were to see fit to increase their borrowings they could do so very easily and on great terms. It will be interesting to see what they end up doing.
boomer, however this gets resolved I would be very surprised if the lender ended up taking common stock, due to the "XBOR Overhang". Exactly a month from today another 2M shares of RDMP stock become free-trading, having been issued to a XBOR shareholder on 6/13 to acquire 1M XBOR shares held by that shareholder. At the time of that transaction XBOR shares changed hands at $1.70/share, so that shareholder would seemingly be thrilled to be able to get anything over $.85/share for his RDMP stock -- if he should be so lucky.
boomer, even if they owned a full 5% of the company the principal on their loan is worth more than their stock position at this time. These guys didn't get rich lending money and then letting the borrower jack them around when it was time to pay up. It will be interesting to see what happens over the next week here.
Not sure what to make of Will Gray taking stock instead of the remaining cash that was owed him for his severance pay. Maybe XBOR told him "take the stock or sue us" and he wimped out.....
No, hopefully we'll learn a lot more of their progress from the next SEC filing which is due by the end of the year.
Thanks for your thoughts boomer.
How many shares of RDMP does this lender own? I see per the latest RDMP 10K (pg. 64) that as of 8/31/12 they owned < 5%.
For a Cross Border shareholder, I'm not sure that RDMP's financing struggles are necessarily a bad thing. This $4M note that comes due in 2 weeks is secured by the following assets:
"The promissory note is the Company’s senior obligation and is secured by: (i) second priority real property liens against its Villarreal, Frost Bank, Resendez and La Duquesa properties; (ii) a first priority real property lien against all of its then existing properties; and (iii) a stock pledge agreement with the Lenders, dated November 30, 2011, with respect to a second lien on 2,136,164 shares of Cross Border common stock owned by the Company."
So if RDMP defaults, 2.1M of their XBOR shares are at risk of getting transferred to the lenders and sold. Of all the assets included as collateral, the XBOR shares are clearly the most easily marketable and proceeds from their sale would probably pay off the large bulk of the balance due. Also I believe some of the other debt (one loan of which Alan B. himself has guaranteed) becomes immediately payable if they default on this note. If all this happens I believe it would force RDMP to completely change its strategy with respect to its XBOR holdings, and perhaps induce them to just sell off their entire XBOR position. XBOR shareholders would benefit tremendously if this company were sold off at auction IMO, even if it were pursuant to a debt default by its majority owner.
Curious what your thoughts are on this Boomer.
Ridgeline (RLE.V) -- I've never been more bullish on this stock than I am right here right now. I know it seems kinda silly given where the stock price is but as we all know there are plenty of times when the prices of these penny stocks don't accurately reflect the underlying company's value. In retrospect the stock got way overvalued back in March, but now it has overcorrected to the downside IMO.
3 weeks ago they said they had the 2nd water treatment unit at Santa Fe Springs "ready to commence treatment", so I'm expecting to see news of that one coming on line any day now. Also, from a transactional standpoint, I would think they might even be in a position to close on the property acquisition there by this point. Getting that other small acquisition (Piedmont) out of the way so fast has cleared the decks to allow them to work on this other bigger and more important one. The key to getting this property acquisition done is that it sets them up for some sort of debt-flavored financing, if not straight debt in the form of project finance then maybe convertible debt.
One of the better recent analyst reports that has come out on this company is the Haywood Securities report that came out on 10/2, upload it here, Ridgeline Energy Services (RLE.V) -- Haywood Initiation 10-2-12 ***. They have rated the stock "Sector Outperform" with a PT of $1, just about a double from the current quote. They're calling for $53M in revenues in Ridgeline's next fiscal year (i.e. FY ending 3/14, and with projected EPS of $.03 that puts the stock at a mere 17x next year's earnings, a ridiculously low multiple for a company with such a great growth profile.
With the stock just a hair off its 52-week low I would not blame you a bit if you held off buying it at this point. But you may want to put it on your radar screen and keep on the lookout for an ops update, and have some dry powder ready if they have some good news. There are a huge amount of people that are looking at this stock right now, and if good news comes out it would not take long for the stock to come roaring right back up to prior levels IMO.
*** For hyperlink that works go to same post on SIBBR, http://www.siliconinvestor.com/readmsg.aspx?msgid=28480638
Vanguard Energy (VNGE) -- this is a small E&P company operating in southeast Texas drilling shallow vertical oil wells around salt domes. They had PV10 value of $31M of reserves as of last year-end (9/30/11), which compares favorably to their $18M enterprise value.
I now have the full story about that big volume in the stock back on 9/28, from a reliable source. That came from 2 large crosses, from folks taking down some of the remaining shares that the company's financier, Paulsen Investment Company, still had from the company's IPO that occurred late last year. I believe the amount of shares left in that block are very small, maybe even less than 100K. If anyone is looking for VNGE stock in size, put your bid out at $.90 and Paulsen will probably sell into it as he did previously. You could try a little lower but I don't think he's that anxious to sell this last small lot. $.90 looks like it would be a great entry point given how few shares have traded at lower than that price in the last 3 months.
I'm still looking for some sort of ops update to come out sometime over the next few weeks. Per the ops update in the 7/5 8K they were already up to 200 bopd (as compared to average production of 130 bopd in the quarter that had ended just 5 days previous to that point). Even if they averaged "just" 200 bopd for last quarter (very conservative since they drilled 3-4 more wells in that quarter, at least some of which probably came on line during the quarter), that would represent a whopping 55% sequential quarterly increase in production. That sort of production increase is obviously a material event that would need to be disclosed within a reasonable time after it became known.
I really like the stock at this point and if I didn't own as much of it as I do already I'd be buying it aggressively here.
I now have the full story about that big volume back on 9/28, from a reliable source. That came from 2 large crosses, from folks taking down some of the remaining shares that the company's financier, Paulsen Investment Company, still had from the company's IPO that occurred late last year. I believe the amount of shares left in that block are very small, maybe even less than 100K. If anyone is looking for VNGE stock in size, put your bid out at $.90 and Paulsen will probably sell into it as he did previously. You could try a little lower but I don't think he's that anxious to sell this last small lot. $.90 looks like it would be a great entry point given how few shares have traded at lower than that price in the last 3 months.
I'm still looking for some sort of ops update to come out sometime over the next few weeks. Per the ops update in the 7/5 8K they were already up to 200 bopd (as compared to average production of 130 bopd in the quarter that had ended just 5 days previous to that point). Even if they averaged "just" 200 bopd for last quarter (very conservative since they drilled 3-4 more wells in that quarter, at least some of which probably came on line during the quarter), that would represent a whopping 55% sequential quarterly increase in production. That sort of production increase is obviously a material event that would need to be disclosed within a reasonable time after it became known.
I really like the stock at this point and if I didn't own as much of it as I do already I'd be buying it aggressively here.
jersey, OEDV's Miss. play is not in Osage County, its in Logan County, many miles to the southwest.
sea, if you think authorizing new shares is the same as increasing the share count then I have a great bridge to sell you. You voted the current crew in here, I hope you are happy with their performance and with the decisions they are making so far.
Romans & Boomer, I agree that the present debt level is very manageable and there is room to take on some more debt. I like to look at EBITDA/ Interest Expense, and that was about 10:1 for 1Q, which is considered "investment grade" I believe.
When I first saw, when the 1Q 10Q got filed, that they maxed out their line in April, I got a bit spooked but then I remembered the seasonality of their drilling program (due to prairie chickens) and it turns out that their total cap ex for 2Q '11 was a mere $1.2M. Its likely that their cap ex for 2Q '12 was probably something similar to this figure. Considering they had $2.9M of accounts receivable at 3/31/12, just about all of which got collected in 2Q, it seems likely that they simply had no need to increase their debt capacity for 2Q.
3Q is another story though -- I'm expecting the drilling program to ramp up this quarter, probably to a level that exceeds their cash flow. Maybe they'll announce a new debt facility in conjunction with their annual meeting on 7/31.
Vanguard Energy (VNGE) -- this is a tiny company operating in southern Texas drilling conventional oil plays. It currently has a great play going on a salt dome structure just east of Houston.
Their stock had been stuck in the mud for a while due to an impending maturity of $3.4M of debt in October, but on Friday they announced a new financing for $5.9M which will be enough to not only pay off that debt but also drill about 3-4 new wells. Also on Friday they announced a huge increase to production, which is now up to 200 bopd.
The stock is very thinly traded and is just starting to get some traction operationaly but is worth at least keeping on your radar screen at this point IMO.
Bob, if you might be interested in a private placement for a high-yield convertible debt offering of a microcap publicly held E&P company operating in Texas send me an email, edajootian@aol.com . I'm taking some of this deal and am hoping it will make up for the dud that the XBOR deal was.
I would have done this as a private message but I'm too cheap and don't have a subscription here.
In any event have a great weekend!
boomer, in RDMP's latest SEC filing they had under $1M of cash, so I take it that you are kidding when you refer to their pockets as being deep?
In the PR dated 3/16 XBOR announced a $10.5M cap ex budget for '12. It will be interesting to see how they meet this requirement. Not sure if RDMP would consider it to be in their best interest to assist XBOR with this, especially if RDMP is considering acquiring a controlling interest in XBOR at some point.
boomer, thanks for reminding me, I checked the rule and "affiliates" of an issuer can't sell more than 1% of the total outstanding shares in any 90-day period. I believe an "affiliate" includes any current officer or someone who was an officer within the last 90 days. So that's why Will only blew out 160K shares so far, with the rest probably due to hit the market in September.
It will be interesting to see who they end up bringing on to be the new CEO. Hopefully they don't drag that process on too long. The company is going to have to make some decisions pretty soon regarding how to finance the next round of drilling. They tapped out their bank line in April per the latest 10Q. They can probably get an increase from a borrowing base redetermination but I'm not sure that that would be enough to meet all of their cap ex requirements for the year.
boomer, curious why you believe his remaining shares would be restricted. I thought he'd held all of his shares for at least 6 months.
Very encouraging to see the continued huge volume here, someone out there with a lot of $$$ likes the stock. No way to tell for sure who it is but I tend to agree that the likely suspect(s) would be parties friendly to RDMP. If in fact these folks are the buyers then that would seem to imply that Barksdale has finally realized how idiotic it would be (from a litigation standpoint) to try to keep the price of XBOR down and then do a merger of XBOR into RDMP right after the end of the year.
As to the sellers, we've already seen indications that some of this selling came from Will, and there was a bunch of shares owned by Risley also (who if memory serves is not a corporate officer so he doesn't have to file anything when he sells). Nice to see these guys behaving themselves, at least so far, not cratering the bid.