There have been a lot of negative developments in this stock lately, some of the more significant being:
1) Unexplained incresae in stock to 6,500,000,000 shares
2) Reduction in revenues due to shut down of wells for hurricane
3) Increased expense to bring wells back on line
4) Lack of any recent PR's
5) No response from management to emails, calls, etc.
6) Yet another round of Convertible Debenture financing when
we previously had been advised that the company would be
free of debt by the first of 2009
However, there is one positive. The fact that the company was acually able to sell more convertible debentures. Presumably the buyers of the debentures are more sophisticated than the average investor, have more knowledge of the operations of the company than the average investor and have more contact with the management. In order for them to be willing to put more money in the company when there are at least 3 groups of creditors ahead of them who would get the company assets if they went bankrupt. they must feel that the company will ultimately be successful and make money.
That would seem to be the only way that they could even get their money back much less make a decent return on investment.
It does not seem logical to me that the buyers of the new round of debentures would expect to make their money by converting their debentures to stock at .00008 per share and selling it at .0001. In order to convert even $500,000 of the new debentures at this level would require more than 6 billion shares. This many more shares on top of the huge number already outstanding would surely cause the quote to soon become NO BID / .0000001 ASK
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