Zargon Oil & Gas Ltd ZARFF

RE:RE:Post Mortem

[pablo87]

Rad, 2 things I don't understand the scope of the abandonment liabilities and why in G's green earth would investors vote yes to converting the debentures. At that time we knew ZAR couldn't afford the debentures (which interest could have been waived) but we also knew the market would recover and it would be the best time to sell the assets like what happened with TBE instead of continuing to fund SG&a etc by depleting the reserves!. As an entity, they should have sold the US to at the least cover some abandonment, or vend in ND to debenture holders instead of distributing cash when they extended the debbies with the Dutch Auction. Only thing I can figure is like everybody else in the patch they thought oil prices would recover and the abandonment liabilities would take care of themselves!. They didn't and the rest is...