Nope, don't have to read this board, all they need to do is (a) put money in the EEGC bank account; and (b) drill.
I hope you are right, that they will come through, BUT since they have (absent the first item, in the last six months alone)
- spent $50M without completing a well;
- raised no money from a Rights Offering, but somehow enabled 50% insider dilution through assumption of debt not visibly on the published balance sheet;
- increased board size and advisor count by a large amount, again increasing expense;
- announced an apparent diversification program by announcing (but in fairness, not yet completing) acquisition of a company (Grand Monarch Holdings) ostensibly (but not per GMH SEC filings) in the affinity credit card and west africa waste treatment equipment distribution businesses,
- and published PRs saying
(a) Sure Capital has issued up to $180M in notes (admittedly, $0 raised does make that a factual statement -- but we weren't supposed to read that way); and
(b) drilling would begin by mid-November, with a purchased rig,
these folks are unfortunately currently lacking in credibility with respect to drilling for oil, 'guilty until proven innocent' if you will.
When drilling begins, I will be as quick as possible to offer congratulations. Meanwhile, we have only the track record to ponder.
