Pays to read the fine print!
Instead of lapping up the daily pumps, read their legal documents.
This is from page 18 of their latest annual report, filed with the U.S. Securities and Exchange Commission:
"We have not and do not intend to pay any cash dividends on our common shares and, consequently, our stockholders will not be able to receive a return on their shares unless they sell them."
Or how about this from Page 13?
"Our financial condition raises substantial doubt about our ability to continue as a going concern."
And from Page 14:
"Our ability to produce sufficient quantities of oil and gas from our properties may be adversely affected by factors outside of our control."
Or this admission from Page 16:
"Our President devotes less than full time to our business, which may negatively impact our operations."
How normal is that for a stock trading at $6.40 a share with a market cap approaching $200 million?
And look at this, from Page F9 of the Financial statements:
"From inception through June 30, 2013, we have incurred operating losses of approximately $714,611, of which approximately $115,611 represents actual cash losses. At June 30, 2013, our cash on hand was $108,593.
These factors raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty."
Run Away, Run Away, Run Away!
