The 10K will not be impressive, revenue will stink. Lake Campo was down for 2 months, Cavier #1&4, and Amberjack were down for the first 2 weeks of October. Revenue at it's highest can't be more than $300K, 1st quarter if lucky will be about the same maybe slightly higher thanks to the drop in NG prices. No new wells have been drilled. 4 wells is their entire revenue stream besides financing. From this revenue they need to pay about $400K in salary for Raley and Watford, and pay their monthly operating expenses. Revenue is around $1.2-$1.6 million a year tops, doesn't leave much money for anything. If VC were available, then why another CD from the same group of financiers that wrote the 3 other CD contracts?
I understand that everything that could go wrong did go wrong, that doesn't help a single bit. The R/S possibility is the biggest concern, if we reach the worst case scenario with the current financing and bottom conversion rate, you could see a very large R/S in the end, maybe a 1,000 to 1 or even 10,000 to 1 R/S, every 1 million shares would now be 1,000 or 100 shares, O/S would go down to 60 or 6 million shares. Then comes the possibility of another A/S increase and another round of dilution. I don't see how buying another 4-8 million shares is going to change anything.
In 2 or 3 years we'll see if the company survives from CD's, there will be plenty of time down the road to buy shares if the company can actually prove it can survive. There is no need to spend money right this very second to buy shares in this stock that can be used for other investments that aren't 2 or 3 years away from resolving themselves. I have spent more than enough money already and right now don't see this doing anything for a very long time, if it survives.
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