Putting aside the fact that the oil industry has been struggling...

Putting aside the fact that the oil industry has been struggling for the past 2 years I think that Austin has done a pretty reasonable job. I know there are those that have been burnt in the past and the thought of this company leaves a bitter taste in there mouth but lets look at the positives and what has been achieved in recent times:

- The Pathfinder project, spread over the DJ Basin which is one of North America’s most prolific oil and gas producing basins, is large enough to accommodate more than 350 wells.

- Austin had been divesting non-core assets over the last few months, selling minority interests in Texas and Mississippi properties to raise A$2.78 million.

- Following the sale, the company has completely eliminated debt, by paying down a USD$1.5 million debt facility with ANB Bank.

- Austin is well funded to ramp up operations after closing a A$1.73 million underwritten renounceable entitlement offer earlier this month.

- The POO is moving steadily north and is likely to do so for the foreseeable future.

- The project is located in a politically stable country.

As with all exploration companies there is the standard arguments like where are they going to get the money... they haven't proved anything yet.... ect... ect.. and I agree with those however it is the nature of exploration.

I think the company has taken steps to eliminate debt and position themselves strongly to take this project forward.

If your invested in this then good luck and if your not good luck as well!