Bad news it is. They increased the a/s to accommodate this well, and have plenty of shares available to fund it. Their big problem is not being able to this point to place their offering and fund their portion of the well's cost. Do you honestly believe an r/s is beneficial in some way to current shareholders? (Maybe a deal with some investor(s) to place shares and then short the crap out of it?) In any event, an r/s won't help you or me or any other "long" as is typically the case with this sort of b/s. They already did an r/s before and it is hard to see why another one is needed, especially since this is a do-or-die well and the a/s is sufficient to cover costs at the offering price. All in IMHO!
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