My concern is this. Pierce, et.al., now has the data from the drilled well (recall he has senior secured debt, and can liquidate MNLU by calling the note, or doing a massive share issue debt conversion, R/S, and take over 98% of the company).
It was safely drilled. The NG is now verified as there. With out fracking, the well would be profitable at $4 or higher. Fracked it would pay back faster. My fear now is that they may liquidate MNLU, and Westrock (Pierce) will just hold the leases and wait 2-3 years till NG recovers, then he can either sell the entire mess to a major for big, BIG bucks, or take any one of his other penny scam O&G companies he has, and start the game over again. It is just not a good buy risk here and now, with what all we now know.
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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