Slippery Wing... I agree. The timing of the announcement is completely naive. Why not do it after production numbers are known and the sp is a lot higher. Even if the sp will not tank a lot, we will not go to AMEX at USD 1.60 or less. This way we will remain sub 10 cents forever or until they RS is denied by shareholders. Like you said, CB may be a heck of an oil man, but as business man very naive! All IMHO.
Slippery Wing.....Are you suggesting that CB had not funnelled revenues from current production back into the company for drilling? If not, then where did the money come from to drill the Padgett #11 and the #12. How much revenue do you think he has from current production? How much of that current production was off line and being re-worked in 2006? How much did the BDC issue cost the company in 2006? If he simply waits for the revenues from the existing wells and the Padgett's potential production to drill with, how many wells would he be able to drill over the next year? 3? 2? 4? Would a shareholder rather see many more drilled?
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