I'm wondering if its Iroquois Captial finally getting desperate enough in their need for cash to start dumping their remaining 4 million shares from their initial financing of GFP. They previously refused to sell for anything less than 22 cents a share, but who knows what their mind set is now.
After all of the recent land sales GFP now has approximately half the reserves and half the production that they came into 2013 with. They may now have $2 million in cash for drilling, but since their only attempts last year cost them $1 million a well and only resulted in approximately 50 BOED each they aren't going to be growing significantly any time soon and that may well be the catalyst for this type of selling and any further selling.
With 87 million common and preffereds that convert to common shares 1 to 1, as well as tens of millions of options and warrants, GFP has roughly 120 million shares outstanding on a fully diluted basis. Their only real profit last year came from their hedging and even after repaying $4.5 million to Green Bank they are still over $5 million in debt.
Add all of this up along with their track record of over promising and under delivering on just about everything and 8 cents a share might still be too much for this company. They'll need to farm out 10 to 20 wells this year at terms that are favorable to other parties to get any sort of decent production growth and increases in reserves. Look for a stock consolidation some time in 2014 if GFP has not already been taken over by a larger company for less than 20 cents a share.