I agree, we've been thinking of it as a repeat of OEDV for a while now... So many similarities between them...
I try not to worry about the lack of reporting because our CEO is not some scam artists trying his hand in the industry, He is in fact as deeply rooted in the Mississippian Lime Play as possible. His background comes complete with experience, contacts, & reputation. Additionally, Mr. Lloyd is already worth seven to eight figures, so he has no need to run a penny stock scam.
SIOR does have a number of 'red flags' that sends potential investors running:
-Not current with SEC
-No PR in about 9 months
-Increased A/S in late February of this year
I know that together these are enough to run even the most risk-tolerant investors running. However, when one takes time to get to know the company, you can understand how they became behind on filings, why the A/S was raised, & you can even understand why they communicate with shareholders as little as they do... This is a cut throat industry. Sandridge & Chesapeake keep very quite about their actions as well (within a given play) until they have build the position that they want & there is less to loose by making your actions/leasing known... SIOR fell behind on filings due to the death of the former CEO coupled with financial difficulties. Back in 2010 shareholders voted to raise the A/S to 600MM shares, yet they only got around to doing it this February.
Maybe these aren't the greatest excuses in the world, but it is better than simple neglect... I think SIOR is about the best place that one can find to build a position, assuming that it fits your risk tolerance...
