eventually, the sec will act on the shareholder rights offer in the respect that it will give the "green" light to the offer. the problem is this: at present, you can buy the shares on the open market at about 5 cents right now, so why in the world would anyone pay 7 cents? if they started drilling, the pps would move up, imo, but with no drilling it definitely won't unless the shareholders want to pay 7 cents to get the drilling done. in that case, i would want the statement in writing that they are going to drill.
yes, i am getting skeptical at this pt. in time---too many delays so far to date, for me.