With each e-mail I see from him, the more I realize what stock I have left should be used in a birdcage to catch droppings. This guy just floors me. I've been positive from day one about this company and it's gotten me nowhere. Granted, "day one" for me is relatively recently (May). But to see the hype about these four wells in Abilene - to see JB describe them in his PRs as profitable ventures then dismiss them when something goes wrong...that's just awful. A quote from the website:
"With our recent success in Texas and the lack of success or even acceptable communication with our Thailand and Cambodia prospects the Board of Directors has decided to stop pursuing these Far East projects previously announced."
Points to JB for getting out of the Far East projects which were crap, but this just shows the high regard he held in the Abilene projects. "Our recent success" is now nothing - because he has yet to prove IDCN owns any interest in Abilene, and no one is drilling in Abilene anyway since Sunray has been under investigation.
I hate harping on all this, but it really ticks me off to see a CEO who is so ill-fit for IR work shoot off replies like this to the shareholders. And whether or not the Sunray principles goes to jail has no impact on IDCN's future, which is what JB needs to worry about. PPS is closing in on its 52 wk low and I don't see how it'll avoid it. Mgmt is left standing in the open with their pants around their ankles trying to claim these were "just two small wells" that mean little - but again, where's the gold? Where's the natural gas? Where are the other investments IDCN is supposedly pursuing. We have a modest interest in Flying A and nothing else. These wells were the lifeline of IDCN. They were touted over and over again by mgmt and now...it's "just two small wells."
Again, the above is always IMO
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