RE: disturbing trend continues?Hedger, I don’t want to correct you, but it is important to point out you’ve made some serious mistakes. I don't agree with your opinions, but that is not the issue. Your problem is your post states opinion as "fact", but your data is wrong. This could be quickly remedied by either (a) reading all the press releases and corporate presentation or (b) refraining from comment until you do so.
As to fact: POP does not have an outstanding share base of 60 million. If you read section 1.14 of the MD&A, published on SEDAR, you would see that total issued and outstanding shares: 59,127,106. Minus Dec 2011 PP shares of 4,440,005 (as they are subject to 4 month hold) brings the number down to 50,603,768 free trading. Pretty close, but not the same, especially when shares under lockup are considered.
As to opinion: Take a look at any serious 100% ownership-focused O&G company in the patch that started from scratch and has gone all the way. They all have hundreds of thousands of shares outstanding. O&G projects are capital-intensive, but companies like this have cashflowing assets. Dilution in this world is not the same as for junior mining.
As to Petro One not having proven reserves, again, I suggest you read the press releases. A number of them were issued citing 51-101 compliant reserves. I am not really sure how you missed this, but please take a look at the news published on November 14, 2011 regarding J5 and the news published November 16, 2011 regarding J1.
I don’t run this place, and your comments are good insofar as they provoke critical debate. But I don’t think it does you much good if your audience can see, right away, that you haven’t been paying attention.
Cheers – JMH