Universal Energy Corp (UVSE)

[mikeyk]

But a $619K income for the FULL year is not really impressive, most of that income came from 3rd and 4th quarter. They still have over $4.7 million in short term debt due in the next 2 years, so with salary and operating expenses and only roughly $1.2 million a year in revenue, the company most likely needs to borrow more cash to keep running, that means more borrowing, probably more CD's and ongoing dilution. The company needs more production or NG prices to heavily increase and stay high to get debt paid off and have some free cash flow to actually start more drilling. Lone Oak #2 is listed in the 10K, but they need $800K to drill it.