Unfortunately management has lost all market credibility, which...

Unfortunately management has lost all market credibility, which means we have to sell cheap equity to fund new wells and pay wages.
On the positive side, another company clearly sees value in Wizard Lake. Unfortunately, if the market believed management there would have been cheaper opportunities available that didn't dilute existing holders on account of miserly $ 2million, which is less than annual administration costs (~$2.5 million), which is ridiculous for a company with a market cap of $6 million.
I still havent seen any evidence that this company is being run first and foremost to benefit shareholders, rather than keep management and directors in well paid jobs.