Actually, this stock HAS been very liquid and the company has been in excellent financial shape in the past.
Prior to delistng from the NYSE in 2015 (where it was listed as HDY), the reverse split in 2013, the corruption investigations by the DOJ and SEC, multiple lawsuits and the Sabu failure there were up to 160M shares in play.
In July of 2011 the market cap reached $870M. It was in excess of $700M in early November of 2011. Then the problems began. Most long term posters here could tell you the series of events that began to unfold after that. After the ill-fated cash raise on the eve of the release of the Sabu well results, the market cap took a hard hit. Since then a series of events, combined with the steady ticking of the clock for the time left on the lease brought the market cap to where it is today.
Understand, it's not just the lease expiration. It's a disinterest in the basin by major explorers despite HDY shopping the seismic data around for years, the two dry wells now all but invalidating the risk assessment on any remaining targets, not to mention a number of other factors that have occurred.
Some have pointed to the past partnership with Tullow. What long term investors know is that the Tullow deal was crap for HDYN. A desperation deal was struck after a very lengthy attempt to reel in a partner after the Sabu results (at least they produced "oil shows"), with Ray Leonard doing his best to put lipstick on the pig after the deal after the fact. Keep in mind that Tullow, along with Dana, ultimately walked.
Yes, this company has been very liquid in the past. That was in a different time, when the price of oil was king, offshore deep water exploration on the West Coast of Africa was hot, and a company could drive a lot of speculative excitement with 2D seismic results.
There's an entire world of oil explorers out there who missed or made insignificant finds of sub-commercial value. Few who once rode a wave of investor excitement ever make their way back. Especially in this oil climate. Especially when it comes to deep water exploration.
HOPIUM KILLS!
WARNING: Blind Faith Investing may require putting those who know the stock and have done their due diligence on ignore.
