10-K filing is a non-issue. Not a catalyst, IMO. I do not see significant increases in production. Any increase offset by losses due to failed drilling attempt.
AOIL never been a strong company. Has always been speculative with value calculated on land lease valuation. Current purchases in the area support that value, although, I'm not an expert on the specific land region AOIL owns leases in. I recently read about Sinopec buying up leases from Chesapeake.
Armado may own valuable land and can unlock it if they have capital. That comes from an offering to investors looking to provide money for a high-risk return possibility. Not likely right now, who knows the specifics regarding shareholder ownership in Armada?
Armado looks to Mesa to complete the incomplete capital structure. Mesa has cash to use as collateral for financing. Once merged, shares are reduced in new company and easy to do an equity offering or debt financing deal.
The recent attempt at drilling a well set back both companies and I think that's why they pushed the timeline to the right. 10-K value is to shed light on specifics of the issues revolving around the attempt in Oklahoma. Look forward to reading. Only possible short-term catalyst is merger proceeding and Armado being bumped up in share price for reasons I cannot think of right now--would be completely unexpected.
good luck, look for mid-march end of march for a filing. Think they are stretching for time to put a positive spin on developments. they have 90 days to file...
