Some just can't or won't see that obvious fact. I can honestly say that if this was any other stock that I have ever invested in every single shareholder would be screaming for management change. For some reason some shareholders are completely happy with massive dilution, a 99% share price decline, so many screw-ups I can't even count them any more, intentionally hiding material facts from shareholders, awful communication skills, no wells drilled in 6 years and the list goes on and on.
I guess some consider it a success just to stay alive. I expect and demand more and I would think everyone would agree. Continued support for this management is irrational.
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