maramos a.k.a. moron, you say
"Based on the previous news releases, it appears that the reduced credit facility limit is 48 million.
Terra's credit facility currently stands at ±70 million, thus terra still needs to raise 22 million to bring debt down to the new 48 million limit."
500 boepd less production and the sale of UNDEVELOPED LAND does not reduce the credit facility from 90M to $48M ! you ignore even the basics of the credit sector. That was the shortest joke I ever heard.
FYI, drink some Kool Aid to swallow the facts below as they do not help your shorting strategy based on clueless info and personal assumptions:
TT has current EV=80M (after the first sale to Crew Energy) and 33MMBOE 2P Reserves (Dec 2011) which gives $16,000/boepd (20% oil and liquids) and as low as $2,4/boe of Reserves.
Once the second sale to Crew is done, based on the current pps TT will have
EV=$25M (!!!!) which gives $5,000/boepd and less than $1/boe of Reserves.