RE: News ReleaseQ'm sure the company would have been glad to raise those funds. They have plans for that money, likely acquisition of additional properties or maybe acquisition of another company. They have the funds to do their announced drilling programs, they already knew that when they announced the debt offering. They had something in mind but with the crummy markets lately, they couldn't find enough investors interested.
Hopefully they will be able to raise the funds later and be able to execute their longer term plans.
Bobwins