Ann: Fremont Petroleum Corporation completes $1.7m Placement, page-14

The plethora of vitriol issuing against FPL prompts me to issue a reply in support of it and its' directors. 1.The company is still viable and in funds.
2. The company owns an entire oilfield.
3. The company is beginning to receive an income from product sales.
4. The executive directors are personally manning the drilling rig. I know what this takes as I've drilled oil wells, cemented them, fracked them, acidized them, serviced them, etc. etc.
5. They've survived the greatest downturn in the oil industry in the recent history of the business.
6. They are "virtually" debt free as they have more cash than debt.
7. They have enough funds to progress the company.
Should the next well they drill be a tad above par and produce a few hundred bbls/d it would move the company to a reasonably solid footing. Should it not then that would simply be another setback to overcome.
As the company doesn't have a debt to repay (perhaps the small one pre mentioned) all nett income goes to the bottom line. So, speculating (because that's what I did when I bought) if FPL manages to reach a production of 500bbls/d that would be roughly at a conservative profit of $10/bbl some $2 million p/a and then there's the possibility of gas sales. Also as the drilling heads west the prospects appear better. Then as funds permit there are the two lower horizons to explore. They may just have something quite interesting as they have greater maturity. If you're a shareholder I suggest you back your company and its' directors, if you're not a shareholder I suggest you get out of the manger.