Yes, many oil companies have been hurt by the fall in oil prices. But PN and SO destroyed almost the entire market cap of their company and diluted long time shareholders into oblivion just to raise a few million dollars. Now, long after the money raised has been spent, the shares are still being hammered with toxic debt conversion.
Think about it. The toxic notes raised $2 or $3 million dollars. The market cap went from $75 million to less than $3 million and the company now sits under another cloud of uncertainty regarding how it will pay for its share of the 1st partially carried well plus a multi-million dollar IRS tax lien which was caused completely by the incompetence of this management team.
PN and SO damaged this company far beyond what would have been caused by the oil glut alone. Look at the share price. Drilling within 2 weeks and it continues to hit new post-split lows. Now I wonder why that is happening. Hint: It's not because of IHUB. Listen to the message of the market.
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