RE: Reason for the sell-offThey simply reported the facts of their Texalta takeover....not quite sure what you mean by a bad message?
Having been a texalta shareholder I sure am glad they really wanted 100% working interest in EP 103 and 104!!!
https://www.newsmaker.com.au/news/7995
The Transaction consolidates the ownership of exploration permits EP 103 and EP 104 in Australia's Southern Georgina Basin, which represents one of the last remaining virtually unexplored, hydrocarbon prospective, onshore sedimentary basins in the world. To date, only eighteen wells have been drilled within the entire Southern Georgina Basin, an area covering over 24 million acres. Only seven wells have been drilled to date on EP 103 and 104. Post closing of the Transaction, PetroFrontier will own a 100% working interest in EP 103 and EP 104 (5.7 million net/gross acres) as well as a 75% working interest in EP 127 and EP 128 (5.9 million net acres / 7.9 million gross acres), for a total ownership interest of 11.6 million net acres (85.5% of 13.6 million gross acres) in the Southern Georgina Basin.
In addition, PetroFrontier will acquire approximately 115 BOE/d of high netback, light oil production at Wordsworth and Queensdale in southeast Saskatchewan, as well as exploration properties at Carlyle, Saskatchewan and Joarcam, Alberta. Texalta recently drilled one well at Wordsworth which is currently producing at approximately 80 Bbl/d (gross) of light crude oil, as well as one well at Queensdale which is producing at approximately 40 Bbl/d (gross) of light crude oil.
GLTA