Daybreak Oil and Gas Inc (DBRM)

[xiws]

Other future promise thoughts
I've been invested, and watching, for years too. And disappointed that it hasn't moved faster. Mgt has, however, generally did everything they said they were going to do - they just have very carefully kept those promises modest. The biggest disappointment lately has been the problem with getting external funding to drill more wells. That is partially an external problem in the current market, and partially a problem with the company in that potential investors are rightly skeptical that they would get their money back. So CEO putting his own money in as backup is, to me, a major positive. It would have been much easier to dilute the stock, but that has been repeatedly rejected. The recent Bull Run drilling wasn't actually a dry hole, either - they hit oil, but not enough to want to put the hole in production. Mr Westmoreland is (perhaps a bit subjectively) optimistic that the hole DID inform them regarding depth and location, and he is confident that the next boring will be much more productive.
Daybreak is, like a lot of companies, under capitalized. A few more good wells could really turn that direction by providing flow that can fund more drilling, or make any loans much easier to justify.