OTCPK:WSRLF - Post by User
Comment by
oilkidon Oct 22, 2009 2:39am
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Post# 16411191
RE: RE: Simple reason
RE: RE: Simple reasonI didn't say anything about cash burn? I said he got burned at the beginning of this year pumping WZR when they were drilling the first well SQ-1, and when the news came out they got the drill bit stuck again and couldn't get results. They ended up leaving the the well for another time. WZR was his #1 pick for at least 4-5 months.... His track record is getting really bad in the last year...most of his picks have gone south big time.
About OILEXCO the only reason why they went out of business is simple. They had a 750 million dollar line of credit out with the Bank of Scotland and the bank almost went belly up and called their loan in. OIL was always a strong company just owed to much money at the wrong time, can't blame JS for that one. North sea drilling is very expensive and OIL was very good at finding oil, they even start production on one well and had another well near completion until the banks and everyone else went belly up.