Not here to defend the company or Anderson but I do know that their properties are real and they do have legitimate operations.
General rule of thumb in this business, everything takes longer, costs more and produces less than hoped.
Don't know lots about the specifics here but did see a post that had some incredibly large production numbers. Those were probably IP (initial production) numbers from when the well was freshly drilled/re-entered and produced fairly strongly. Problem is most wells in the rea settle back fairly quickly. The upside is they will then produce at that lower level for decades.
I also think that the company got over extended financially probably from taking on too many projects and thinking the production would be higher. This probably has them in a corner now and is forcing dilution.
O&G companies in this region can be profitable if run conservatively but it isn't a get rich quick proposition.
I think shareholders were lead to believe this was going to be a barn burner.
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