GREY:STPJF - Post by User
Comment by
ShatnersRugon Dec 14, 2013 10:18am
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Post# 22006080
RE:The Nov 14 press release says a lot
RE:The Nov 14 press release says a lot
Geodude, you hit the nail on the head. I've mentioned it twice before. Senlac production down along with tech/mech difficulties on both sites turned me off to the long term viability of the company. The asset sale was the nail in the coffin. The last NR mentioned that management will be considering financial alternatives, JVs, buyouts, and whatnot. They will be unsuccessful in this endeavour. The fact of the matter is that they have among the best in the business involved in this project and to date have failed to get the oil out of the ground. If Senlac were pumping out 5000/day they'd have at least a chance at finding a way to get McKay's issues worked out. Unfortunately that is not the case and time will most probably run out for STP. They will burn cash and/or keep selling assets until they meet their ultimate demise. I have been quite upfront with my decisions on STP. I sold my shares for profit at 60 cents and on Wednesday flipped a small profit from 11 to 12 cents. Why did I get out? I'm afraid of putting a dent in my capital(albeit 20000 shares is a rather small sum). The bounce we saw up to 16.5, in my opinion, is solely due to technical trading. There will be no white knight to come in and save the day. Who in their right frame of mind would buy into a company with so much debt and dubious revenue flow? Don't go on to tell me "The Chinese" are gonna come in and take over. Pure rubbish. If there is any hope for STP to survive 2014 it has to come from within.