The SEC filing is by its nature a conservative document; if there is any chance that Mr. Bendall (an insider) will buy all of the available shares, then it must so state.
So far, near as I can tell, he has bought none; he has only made a self-serving conversion of debt to equity at a time when the company needs cash. In case it is not clear: self-serving because the only way the company can pay back the debt, is if it stikes oil -- and if it does, then the pps will go well over .07. Net: other shareholders would be better off if the debt were not converted, as conversion causes dilution without providing cash.
I simply stated that the 40% plus reduction in pps since the end of the first round says the market does not believes the company's RO will be successful, which by definition means Mr. Bendall will not meet his commitment to buy all unsubscribed shares at the offering price.
Anyway, this is an argument which will be answered in time. I hope you are right and he does meet his commitment; but I must ask in return, why is he not repeating his commitment in the PRs, which is where he initially made the commitment.
