Energulf can move forward. Right now ENG has a 90% carried interest in Lotshi. Reducing that carried interest to 40-50% (to throw out a number) to bring a JV partner on board and assume much of the drilling costs is certainly feasible.
A low share price with little buying interest coupled with dwindling capital to work with will pretty much force Jeff's hand here. Besides that, I am of the belief that Mr. Palacios was brought on board for a reason. Do you think he wasn't shown what is happening with the company, including the finances as well as prsopects for the properties before he agreed to join Energulf? Its not like he needs to take a seat on a sinking ship is it? He has a pretty impressive resume.
If this company was in immediate peril I think the share price would be hovering down around 5 cents or so, word would be out if they were on the brink at this moment.
EOG will be drilling soon and they are trading in the .38-.40 range so why should anyone be surprised that we are at .25 with nothing happening at the moment. Our current valuation doesn't mean we are close to ceasing to be an ongoing concern.
As far as HRP, I don't think they would be drilling there if there wasn't a reasonable chance of success so to sat they won't hit is being a little flippant.