merger details out, page-103

Like I posted before: TXN didn't have enough stash in order to complete the drill program they needed to do and hence they went looking for a sugar daddy.

As posted, in some ways you should thank the management in that the current shareholders were not diluted down the tubes with more shares.

How many shares would have been required to drill the wells that apparently are needed to keep the leases? I'd guess a whole bunch and that would have meant a much lower share price.

On the other hand, it appears to me that the entire scheme or process to sell the EFS and split the company had something missing for shareholders: critical information.

I doubt that many shareholders would have bought into the company or maintained their share holding had they known that the company was up against a deadline as far as keeping leases and that the company had no way of funding the drilling.

It also appears to me that any debt funding for the company also fell through or was never there.

And on a final thought: the entire scheme for the merger is very, very poor. There is no protection for shareholders for getting a guaranteed price for their shares. I've seen lots of these type mergers and in many cases the 'value' in the merger has gone up in smoke as the shares of the other company fall in value. And the merger is still months away............