Dumb and then ever dumber????
Remember CTT is a company that has little cash flow and their credit lines were getting toppy. With the discovery at ROYCE and KISKATINAW they were no doubt under pressure to increase capital spending by their partners at these two discoveries.
They may have had to either raise money or walk away from their partnership in the other follow-up development and exploration wells that are to be drilled at ROYCE and KISKATINAW.
Its disappointing to see them sell shares at these prices but maybe these properties will be the high impact plays we all hope for. I would not want them to walk away after we have gotten the HIT on the first wells.
The issue only lowers the NAV by about 12 cents and if the wells are successful it should be more than worth it.
A bigger issue is the ever lower natural gas price. Its my opinion that we will not be having a cold winter.