Honestly, I think you have become too fixated on the "debt free" angle of this stock. It's one of the few bright things that can be said about the story so I don't blame you if you have to keep bringing it up...
I ask all of you HEMI defenders, would you rather Hemi be debt free and have 0.5 million in marketable assets -or- have Hemi be 2 Million in debt but with 5 Million in marketable assets?
If you understand the financial results of companies including the balance sheet, you will see that debt by itself isn't bad as long as you have more assets to cover the debt. To remain debt free by liquidating assets or selling stock and diluting is a death spiral.
Another thing to ponder... Based on cash burn rate of about $60K a month for salaries and fixed operating costs, that $400K Wyo. asset sale will be totally depleted in about half a year. That long promised buy out of Hemi in the future would surely get a higher bid if they still owned the Wyo. asset - no??? Of course they would, you sell assets to fund operations and you are a dying company.
Since KA has stated that the Silvey Horiz. drilling will be delayed until oil prices recover, what is the possibility for them to strengthen the balance sheet during this time? Lets see, lower revenue coming in from lower production and lower oil prices but fixed costs of $60K a month, it doesn't look good. KA showed some hedging profits in that recent letter but that is unlikely to continue in flat to slightly rising oil prices.
I truly do hope that somehow KA can pull a magic bullet out of his holster and come up with something to grow/save the company, I truly do. There are several posters here that seem to have most if not all of their investment dollars in this stock and want them to come out whole (at least)...
Just some hard cold financial realities to ponder.
