SynthTrader --- well said
This has been a real gut check for those that are long at a higher price. Regardless whether they initially were in this for a quick trade, di they hold or fold. To each his her own everyone needs to make their own choices. I feel there will be opportunity soon, for those in at a higher price, to gracefully exit. Disclosure: I am holding and in at a higher price.
My personal opinion? Promoters were hired by the company to create awareness and market the company --- to increase the share price short term and long term. The promoters that were compensated with shares clearly dumped and sold on the momo and up until Thurs from what I can see. My instincts also tell me the promoters front loaded and dumped those shares as well. Those that were compensated in dollars not shares, I fully believe front loaded and also sold as they promoted.
When the dilution hit the market, ALL of the phase one promoters (which in large part were to blame) back peddled and tried to cover their ass with excuses that the company dumped shares and sold. I cannot tell you whether or not the company dumped shares. The company has stated they have not. Why cut their own throats ----share price and sabotage their success? I think partly, the company may be naive, good old fashioned people not experienced to the markets and the wolves they aligned themselves with.
If the company IS SMART and has learned anything this past week ----DO NOT further DILUTE by adding more shares to the market at this time. Give this a few months to rise in price and produce some more working wells and oil $$$$ valuations.
IF the company is STUPID and dilutes further at this time --- they will kiss their stock value goodbye and become a micro penny and fail to be a valued share company.
Bottom line. The company has stated they have oil on one of their properties valued at a minimum of $17 MILLION and possibly ---- IF they are lying they could go to jail for fraud--- NOW they stated this week the $17 MILL is more likely worth excess of $34 MILLION in reserves. That is ONE property. Again, IF they are lying ----they could go to jail for fraud.
Last point ---the promoters have either sold ALL or MOST of their shares, and quickly made their BS excuses, blamed the company and walked away. Promoters and the company CEO is to blame. With that said, the stock now has the ability to move up as buyers step back in. Trade if you must, but hold some core shares for when the dust settles and the oil is revealed. imo
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