Addax Petroleum (fka AXC)

[midtieroil]

These guys started with 45 million in the bank, 4 full carries to first oil on wells in the JDZ, a couple blocks in the EEZ and an interest in several other blocks. Some may pretend that not finding a drop of commercial oil when you started with all that was just bad luck. I attribute it to horrendous management.

Now they have 13 million in debt, have the equivalent of 300 billion shares outstanding, have drilled 6 dry holes, can't pay salaries, have closed their office and the CEO has not been seen or heard from in months. What else does anyone need to know?