McMoon, that is very good information that you just posted about the shares outstanding, the float, and the shares authorized.
This confirms what we have been talking about concerning the new very low float. If you can, I would appreciate it if you would post a link to the information you just posted. Just copy the address from the bar at the top of the page and paste it to your post, if you are not sure how to post a link.
This new 919,000 shares outstanding number confirms the 1 for 20 reverse split and makes sense. This number includes the restricted shares that were issued to Mr. Norris and the other director (15 billion shares divided by 20,000 equals 750,000.)
A float of 167,000 is great news for us, in my opinion, because it means the share price will be very sensitive to any news that comes out this summer. With only 167,000 shares trading, the share price could easily fluctuate up and down by the dollars, not just pennies or fractions of pennies. But we need that well in Ohio to come in.
If authorized shares are still 20 billion, then, yes, that means that management could still dilute the current 919,000 shares to raise capital. I hope they don't do that until after the Ohio wells goes into production, but it is a possibility.
For the moment, hopefully we are through diluting and splitting. Now that FNRC has survived the threat of bankruptcy, especially if we get good news out of Wyoming and Ohio, maybe we can shut down the creative financing and get back to the job of making money for the shareholders.
Keep in mind that in 6 to 12 months we potentially have up to 6 million common shares coming into the float from the series B conversion, if it happens, and the share dividend, which will happen.
But for now we appear to be golden, at least in my opinion.
Cropduster
