The big picture as I see it. We're playing the waiting game because of some disagreement among auditors over how certain items should be recorded. 124 million fully diluted shares outstanding, management and insiders own 65% of the stock. JMO, but I don't see them letting this die.
CEO and Director, Marc Bruner was the founding Chairman of Ultra Petroleum in 1996. The company’s market capitalization was $7 billion when he was there. He also ran Pennaco Energy Inc., which had a market capitalization under $1 million dollars in 1997. Bruner sold Pennaco Energy to Marathon Oil in March 2000 for $550 million. In 2005 Mr. Bruner started Falcon Oil & Gas. During his time as CEO and President, Falcon’s market cap rose to over $3.7 billion. He's negotiated dozens of contracts with companies like Halliburton, Questar Energy (part of Dominion Energy), Exxon Mobil, Hess Corporation, and Burlington Resources.
I'm not a pumper, just pointing out some of the reasons we're all in this stock. This accounting nightmare could turn out to be a buying opportunity.