After going to a number of conferences and listening to the CEOs of many oil companies, some now bankrupt, sometimes I think I am picking on Chris Faulkner. I've said before, there is nothing unique about CF, he's as common as a house cat. His public persona is just so outrageous, he makes an easy target for an example. Sure the PR is bait, but what PR isn't to some degree.
I would never try to talk someone out of spending a little money on a penny stock, it's the direct investors I am concerned about. If you call enough people, you are going to find someone with the early symptoms of dementia, or who is drunk or who is having a careless day or who has little financial skills. ...and if someone who makes $50,000 a month wants to send $15,000 to BECC without checking, I can understand that. Heck, Mark Twain was a great writer, but a terrible investor, no shame in that.
So as we are coming to the end of the life cycle of CF's venture into the oil business, it is important to understand that these companies are springing up all the time and failing all the time. It is true that more spring up during boom times and more failures occur during busts, but oil price is not the cause of failure. BECC would have had to have found some oil for their "growth by the drill bit" strategy to have been directly affected by price.
OK, climbing down off the soapbox for a while.
