Daybreak Oil and Gas Inc (DBRM)

[alsobirdman]

I spoke with Jim a couple months ago. He says the BK of their lender may work out to the company's benefit, as they may be able to settle the debt for much less than what they owed. He is looking for someone to bankroll some drilling, but that can't start before June 1st due to Michigan state requirements. The lease is on top of a natural gas storage site, and they can't drill through it while it is pumped full. We'll have to wait and see what happens. At least the WTI prices is recovering a bit, which may help convince someone to pony up the money to drill a well.

As I said a few months back, it is odd that someone keeps buying a lot of this. Of course a large quantity doesn't equal a lot of money.