RE:Management had chance to right their wrongs and blew it Last news release was pretty clear - They have a scheduled drill into a proven oil reserve. They raised the capital. Now they will drill.
You don't know what they used that money for... or even if it was used yet... it's just one line and it wasn't included on the income statement. For all you know this was the intended purpose, since the drill is scheduled and probably required a deposit.
You can keep bashing all you want - the only issue this company has had was watering in their first two oil well - it's a common issue as well. There are solutions to this problem. It will happen soon enough.
Maybe you can't see how undervalued and oversold the company is at this point... but I think most investors can.