A bit of a stretch.

Oilexco had:

Overconfident CEO

Weak BOD.

Inadequate reservoir engineering.

Cash flow negative from inception.

Commitments in excess of available financing (2 long term rig contracts).

Excessive G & A costs.

Corporate aircraft.

No cost controls.

Poor risk management.

Ithaca has none of the poor qualities of Oilexco so to suggest there are similarities is misleading.