To be honest I've had the same beef and sent an email to that effect last week (no reply back). The reality of the situation with this company is that it is a startup. The TX ops were a good part of production, and it will be good to get those back online. This company needs working capital to become profitable (hence the need to go public), so until S1 is approved we will see some dilution. At least this company is transparent enough about it to post it on their web site and update it weekly.
The S1 approval should make that goal of profitability low hanging fruit to achieve with the 18 leases they already have in hand. This will put this company in a very good financially strategic position to fulfill the future plans put forward by Floyd Smith in the last two Money For Lunch interviews (which everyone here should listen to). Getting the three big leases online in their secondary recovery procedure (see the video on their web site) is the key to making this a financially strong (vs needy) company. The S1 makes that easy, without that it is possible still but with greater struggles, IMO, and definitely increases the risk factor here. Approval of course decreases the risk for investors in the near future, and positions this company to not just achieve the short term goals, but also begin the long term goals that will make this company worth the risk. For one, I'm glad that this company has some long term vision beyond what is in hand...or else I'd be looking to cash out already.
So that is basically the risk vs reward factor here, as 99 put it a "nail biter" for sure to go long on...but tons of opportunity here for day trading a hedged long position or even just swing trading. Everyone should do their own due diligence and develop and follow their own investment strategies, JMHO and GLTA.
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