Monday, March 02, 2009 2:40:03 PM
The company is only around 2 years old, the 4 operating wells that they have only started production at the beginning of last year. The companies monthly debt obligations outstrip it's current revenue from the 4 wells, thereby massive dilution to meet it's debt payments. The lender/CD holder controls how the debt is repaid, not the company. Most of the debt has been repaid at this time, and current cash on hand and revenue should allow the short term debt to be retired by the end of June if my calculations are correct, so it is still possible for the company to survive. After the CD is retired, the company can once again concentrate on getting more production on line and start share buybacks to repair the massive dilution problem.
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