No reply coming Geopic. It's an easy question but for some reason it seems to be just another example of "smoke and mirror" promotion here. Unreliable and completely disingenuous. We know the answer by reading the "financials" of EOR that are now almost 6 months old. According to the unaudited financials reported back in 2013 we know that "RESTRICTED" cash rose to $5.5mm as of December 2013. Available cash left 6 months ago was just $1.2mm. It's likely gone by now given production has dropped to barely 300 boe and the company's burn rate (historically) has shown that $1.2mm does not last 6 months here.
"cash" was reported at $6.8mm but the "cash" reported did not decline because it's NOT available for EOR to waste. BUT... restricted cash increased. Restricted cash ballooned to $5.5mm. Restricted cash is never included as a current asset nor is restricted cash allowable for use for operations. Quoting "$6.8mm in cash" knowing that $5.5mm is sequestered and untouchable is wholly and completely disingenuous and deceptive but anybody can read the financials and figure this out on their own.
I know you are long this stock Geopic and I wish you well. My real problem is with the misrepresentations here. EOR reported plans to drill 9 San Andres wells ($3mm each) at a public IPAA conference back in August of 2013. A BLATANT misrepresentation by management. They used to speak of an $18mm pipeline but have mentioned nothing about any pipeline since July of 2013. Having no cash left to do anything with, sporadic reporting to shareholders and very little volume in the stock it should come as no surprise that prospects are dim at best. Management is conflicted with other projects and by the absence of their buying into their scam here at all time lows we can assume they have no confidence in these unproductive assets. The only insider that has bought got wiped out.
The only hope of staying alive here is another firesale of additional assets which have little value. The reports of "big news pending" of some "financing" have been proven to be hollow promises since October of 2013. Nothing reported here ever is real.
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