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Tuesday, September 19, 2017 9:42:36 PM
In the event they actually renew the lease/negotiate a new one, keep in mind that they're still essemtiallyu cashless. There will be a lot of dilution in one form or the other before they ever become an explorer with a viable option of drilling another well.
They may try to resurrect the company in some form. Who knows, they used to be software company. They could emerge in any form. The success of that new venture, if they do, will determine their long term fate.
If they have debts still owing from the drilling campaign, it's possible they'll file for Chapter 11 or Chapter 7 bankruptcy at some point. I certainly would not buy now on the gambit the stock might be churned when that happens, as the share value has a very good probability of being a lot lower than it is now if/when that occurs.
Be cautious when the 10-K comes out. The year end report numbers will be effective as of June 30th. A lot has happened since then, including the expenditure to drill the well. Any cash on hand as of June 30 will be meaningless post-well, as will any drilling suppliers (which would be categorized as assets). Unless they provide substantial commentary with numbers on their financial situation as of the filing date, as opposed to the reporting date, be very cautious of any hype that gets posted that attempt to promote there finances as of June 30th. They're simply not relevant as of late September, after the well was drilled.
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