Capitan Reef is the correct name, and those permits and other contracts and permits are strong assets, IMO. It is readily apparent that they have met financial headwinds and difficulty, which now appear to be due to contractual parties not being able to meet their commitments to STW, e.g. the $7 Million+ contract which began last July which was producing $600,000 in monthly revenue, but which it now appears the other party was at a certain point unable to perform and make the payments. IMO, it appears that the transition to and ramp up of the water business and contracts was hampered by the dramatic downturn in the PPB of oil, which accelerated late last year and early this year to drive oil down to $26 PB, which drove many interests in the Texas energy industry out of business, or rendered them unable to continue and meet their financial commitments. To be sure, STW is itself now caught up in that circle due in large part, IMO, to it not receiving contractual revenues from certain large customers.
I am also tempted to buy more shares, as there is no indication of this heading to BK right now, but I am in a wait and see holding pattern right now.
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