RE: more insider buying, 148K at 30 centsA whole $44,000.00. Too little to late. It will take allot more buying from allot bigger players than this Chairman to turn the overall investor sentiment around. There are a number of issues:1. There was a long delay in getting information on the recent drilling results. Probably because the news wasnt good. No matter how you slice it Investors in today's market really dont like delays especially when the news turns out bad. 2. I dont know what the institutional investors were told but they pounded thier paper hard and fast on the news - they have left the building and will be very difficult to get them back. Are they right? Probably not in the long term but in todays market you dont have long term investors. 3. Only $4 million left on a $12 million bank line - that means the bank more than likely wont like them drawing it to the max and the Board of Directors certainly wont allow it either. 4. To try and raise money at these prices is way too dillutive - pretty much in between a rock and a hard place on that one. 5. Could try and hunker down stop drilling and use existing cash flow to pay down the debt and get back to drilling sometime in late 2012. Which means investors will go elsewhere for a while. 6. I dont understand the switcheroo between the President and the V.P. I dont see how doing that changes anything. It looks too much like a shell game. They should of left things as they were. If that was the best solution to the poor well results they could come up with then we should be questioning the decision capabilities of the Board of Directors and changes should be made at that level. 7. The departure of the V.P of Land and Engineering makes a huge negative statement. They have good reputations in the oil patch. Who made that decision? 8. Seems like we are down to a skeleton crew these days.
I cant see how they are going to build this venture without the entire management team. It smells like they are preparing for an exit. It may be thier only move really left at this point.