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Re: SeaOhToo post# 271

Tuesday, 08/27/2013 8:25:03 PM

Tuesday, August 27, 2013 8:25:03 PM

Post# of 299
actually no,
A new company "update" out today and no mention on any pipeline?? I thought there was a pipeline being built now? Seems they would update us on many miles have been laid since it's being built now. I would think they would at least mention it somewhere.

I also thought there was 100+ barrels/day now on line since the last update? August production is still only 440!! The did mention all of the cash they have spent which explains why the pipeline talk is dead. There is no money left to pursue that dream just as I mentioned. EOR could either substantially curtail their operations or raise cash to continue and now we see they have no choice but to substantially curtail their operations.

The only excitement they could generate is this spin on EBITDA which some have confused with being cash flow positive.

Tough quarter for EOR no question.

Anybody that has ever followed this company knows by now that it has existed only to the benefit of management. These guy are content to pay themselves while shareholder losses are so massive now that they just don't care enough to demand a change.
How a company can spend over $100mm to date and only produce 440 barrels is laughable. They've now wasted the last $30mm saying it was prepping for a pipeline that now they've abandoned.
Management is laughing all the way to the bank while shareholders are burning at the stake.

It's no surprise that EOR got fleeced out of St. John's and the stock never went anywhere but down after taking in $30mm. If EOR was legit they would've had shareholders that demanded change long ago. If EOR's assets were legit they would've poured $30mm into drilling it.
EOR does not have legitimate assets so they've chosen to hide behind a story of a magical pipeline while management continues to pay itself.
If nothing else, smart management would've at least attempted to acquire legitimate, prospective acreage or at least bought production. This is a wholly incompetent, inept management and this company has nothing of value.

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