Contractor, FWIW, this is the main part of my "two cents worth" which I sent off tonight...
"I intend to vote NO on the proposal as it stands now. I can see the benefit to developing more wells NOW but I think that there must be other ways to raise the needed funds for expansion besides a reverse split of this magnitude -
NAMELY: 1) wait a few months for the Padgetts 11 and 12 to
fully deliver and get a bank loan based on their success & 2) raise the AS a tad and do a private placement for a couple of million dollars.
IMO, the Reverse split should come, if at all, after the company has proved itself quite a bit more and the SP is much higher."