Just bought my very first Oil Company, page-13

True...I ran out of balanced assessments when management lost credibility almost 12 months ago by missing milestone after milestone and by under disclosing material events and circumstances of the company on a timely basis.  Since that time to try to make a balanced assessment would in fact be misrepresentative.  A company's performance is always underpinned by its management.  When there is evidence that management is far from sound, ie lack of any credible corporate governance, the only balancing force is a rapidly eroding equity and enterprise value which is what we have witnessed at Elk.  The market has provided the balanced assessment.