The Real Rainman is very good with numbers. Rainman19 is better at picking winning stocks. At the moment, this play has factored in a recoverable find of about 10 million barrels. The actual potential of this play could be ten times, possibly 100 times greater. Your complaint about $39 is insignificant. Smart investors will pick up odd lots like yours with over subscriptions. The most important thing still is that the company receives enough from the rights to keep on drilling. jmho
I am glad I thought this on through and did not follow Rainman's advise on exercising my rights. I let them expire and instead bought another hundred shares at $6.22 on the open market yesterday morning.
With today's announcement of the over-subscription, I would have only netted 11 shares instead of the 23 and would have paid $39 to my broker for these 11 shares. The $5 exercise price would not have netted me enough in savings to offset the commission.
I hope not too many of you exercised their rights offering and now are holding the bag on these with the lower than anticipated shares coming your way and paying the high brokerage fixed cost commission.
At least my anticipated SP pop occurred today now that the rights offering is behind us. Catalyst #2 happens in a week as the workover rig arrives and opens up those first 3 zones for testing.
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