Agreed, they need to have pumping well to not be considered a shell. When they got the reworked well in one of the Kentucky leases wells operating years ago, they put in the filings that they were no longer considered a shell because of that well pumping.
I don't understand the point here, they began pumping Rice well months before oil prices crashed. They did pump for a little bit after that until it was uneconomical (again this was all stated on the Xun company forum in a post). In the broader oil market, US rig count and oil supplies declined when oil was under $50, showing that some wells were being idled or plugged because of being not profitable. So if XNRG shut in the well because they were losing money for pumping oil, that is considered they were just trying to sell shares? How about the other projects they were working on like the energy division where they got tax incentives from Brevard county or the leases they held in Kentucky before the shareholder did not follow through on funding it and they lost all of it? Because a company fails at something they are a scam?
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