Post by
takingthemon on Oct 02, 2013 10:21am
HOLD ON
This could be a bumpy ride. Once again Wade has lived up to his past. Again showing that the theft is OUT OF CONTROL as I wrote in previous posts. Once again I confirmed that with the locals down there. As for how many barrels we owe this time....Shareholders are left guessing....as to barrels lost from start to finish..who knows. But wait..Wade has requested more information. Thanks Wade we all feel much better now that you have asked for more info.
The numbers going into the last part of the year are looking worse then I thought. Originally the company had targets that where revised twice. I would be very surprised not to hear them revise it once again. The new pipeline is not on schedule and the amount of barrels needed to be repaid is going up not down. I think the company will need to draw down more if not all from the credit facility.
They just are not making enough to cover everything until the new pipeline is built. He does have the option to suspend the dividend until the outstanding barrels are repaid giving the company further time to reorganize itself.
I have a call late this afternoon with a local newspaper. I will let everyone know.
Regards