geostorm,
My gut tells me that Bruce has not got the funding he needs to progress the Company. There has been a lot of talk on the Board about how easy it should be to get funding if there really is oil in the ground. Well, my opinion on that is different. They are a $4M market cap Company looking to raise more than their market cap, not an easy thing to do in any market. Now, add to the that the speculative nature of the business in that one has to believe that the seismic data being put forth is conclusive and that the ROI is a given. I don't know about you, but if I am going to lend $5M under those circumstances I would be asking for a ton of upside (stock), significant interest, and personal guaranties. My guess is Bruce is fighting this battle. If the oil is really there (like I believe) then Bruce would not want to take any deal because he knows the oil is not going anywhere. So, again, my guess, is that he is trying to get the best deal possible. That would explain the lack of PR, nothing to report. To me this seems the most logical explanation. That being said, I still do not know why they have not moved to get the existing wells tied in, I don’t believe that it would take all that much capital to get this done…certainly less than the $5M they are trying to raise.
Best regards,
Greg
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