Interesting little company, one minute they are flying high on Cosmo with a JV partner claiming they are going to pick up the tab on everything else and the next minute they are out of money, the State is chasing them on royalties and the partner has evaporated.
They are drilling at West Eagle on leases surrounded by Hilcorp so one can bet that any success is going to get swallowed, they are late so the State could take their bonds (1.2 million), they are drilling without a partner and trying to find gas for the State at the States request.
The drilling is slower going than they thought it would be, I heard they were losing drilling fluid into the formation, but they are pretty excited about it.
They sold their ownership in the offshore Jack-up, they let Southern Cross go, they kept Tyonik Deep. A well known but difficult to reach target.
Now their share price has tanked, they have a new board and the only one still on board that has a clue about the business is Curtis Burton. Rumor has it he wasn't happy with the advice he was getting from the old board so maybe now he will be able to get things moving.
Not to be ignored is that they have fired their Alaska team leaders and added a whole new G&G team. That must of been fun.
They have a billion dollar fund behind them, Meridian, and now we just have to wait and see where this goes. At 1 cents, I can't imagine it going down from here.
Green oil, natural gas, has become a real challenge for these guys.
