Monday, October 21, 2013 10:37:58 AM
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!
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