I called them a few weeks ago. They have changed a lot since the 3/10 report. No more Sein revs. Used some of the cash from Sein to buy small positions in drilling projects and they hit on all 5 but nothing like Sein so enough to cover office overhead. The Sein sale did allow them to pay down most of the debt so the company is not in any danger now.
The new CEO is supposed to be good at judging oil/gas prospects so they are using him to pick the new investment targets. They are going to continue to invest in small positions in high percentage drilling projects. They also want the ability to sell interests to investors. So they might get involved in a project, tie up a certain working interest and then sell off portions to private investors at a profit. The remainder of the position would represent the company's investment to return revs and cashflow to bycx.ob. They think that they will make as much or more money from selling working interests in wells as they will from the actual oil and gas. But that's taking longer than they thought to get everything cleared and approved with the SEC and local authorities.
Said it was something that was going to take patience on the investor's part. I think that the ability to sell to private investors will allow the company to ramp up operations by getting them involved in more and bigger deals. At some point, they will probably need to issue shares to get enough capital to take on significant deals, even the high percentage ones.
CFO also said it was hard to find oil projects that weren't overpriced.
That's all I know. I have a tiny investment here so willing to wait. Can't sell my stock anyway! No volume! LOL!
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If the Commodities Boom is Over, I am just a Gold Bug headed for the Windshield of LIFE
