Hi Wazz101, The simple fact of the matter is that the Directors...

Hi Wazz101,

The simple fact of the matter is that the Directors did a consolidation to make the company more marketable for a capital raising. They then raised additional capital on the pretext of finding more oil and make the company income flow positive.

However, they did not find any more oil that they could extract and sell and the bulk of the funds went on payments to associated entities and their own fees and charges. Therefore, the value of everyone's holdings went down as those funds went down the drain without any increase in the assets which support the value of the company.

This has already been done on a number of occasions and funds are running out once again with no beneficial results being reported. The merry go round will continue with more suckers drawn in while long term holders will be left with un-marketable parcels of near worthless shares.