RE:RE:RE:RE:RE:RE:RE:RE:Management
The waiting is getting old.
Waiting for the sale of assets to close, waiting for a partner to be found to drill the deep, waiting for the company to use the +- $US50,000,000.00, that they boast about so often, to put a substantial deal together that is materially accretive.
The oil and gas industry was out of favour, a great time for a cash rich company to buy, and no deal was done. The industry is back in favour, a great time to acquire another still cash strapped company with great opportunities on the books and raise additional capital to exploit .. and still no deal.
They ride on the reputation of the founders who put together the deals of Vermillion and Verenex and others together and yet, nothing.
The company has almost as much money as Verenex had when they closed their financing AND they have a deep basin asset that has had over $US100,000,000.00 of 3-D Seismic and test drilling with overpressure natural gas tests.
Management said that they are staying disciplined in the deals that they evaluate. Fair enough. But after all of this time, if the deal(s) they make are not complete barn burners these guys won't be able to get a job selling shoes.
IMHO