I won't touch the management question because I agree with most of the posts here. Geo sees something in Richard we don't, my guess is the Iraq environment is more challenging than any of us can imagine. Still doesn't excuse the lack of communication. Can't imagine why someone would want to continue running Sonoro unless they saw a light at the end of the tunnel. His reputation is on the line and I'm sure he wants it to succeed as much, if not more, than any of us. I give him credit for sticking with it. I have never been able to attend a Sonor meeting, sure hope someone from this group can make a meeting and ask the hard questions, communication frequency, salaries vs results, timing of private placements, frequency of engagements with Iraq government, etc..
Positive sign an insider company was willing to pony up additional funds for this venture. Companies don't invest unless they think they're going to make money. Unfortunate for us, Geo is going to make a ton more than we will. I would imagine we will have to go back to Geo a number of times to get funding, this is just the beginning of the next phase in our dilution journey. I imagine we'll have over 200 million shares outstanding before any oil comes out of the ground (if it does at all). I'm sure some smart person on this board can calculate the hair cut we've taken on company ownership from our high flying days of Albian oil upgrading to our current situation, it's not pretty.
Little confused by some of the posts about the stock consilidation. If they didn't do the consolidation the number of shares Geo would receive would increase by a factor of 10 but the percentages are still the same. 30 million or 300 million shares, doesn't matter, we are out of cash and we had to give up something to get the money. If we are looking to attract new investors to this company they are much more willing to invest if the stock is 8 cents with 30 million shares than 1 cent with 300 million. The only way to attract investors is to make the investment attractive.
Investing like we did is the risk we take, sometimes you win big and other times you wait for years to get a return. I have invested in companies where I've lost it all, so while Sonoro's news is not the greatest, at least they are around to fight another day.
If Geo didn't come along now they would have simply waited until we we bankrupt and picked over the corpse and we would have nothing.
Good luck, and see you guys in another year.