County of Santa Barbara and City council don't wanna steam oil recovery in their backyard...come Nov. things could get very, very hot in the kitchen...you might be able to buy ROYT shares for $3.00-$5.00 a share...I am not sure if these guys can prevail in a Far-Leftist Fight here in So. Calif.?!
I think it is more 1. the still aftershocks of the offering on june 9th and 2. the santa barbara county fracking and steam ban that will surely pass on the november ballot. the latter is the real problem - although it can't affect current steam projects (the fracking is irrelevant since it isn't done in that play), it can affect future projects and ROYT has an ambitious capital and drilling plan - this might go by the wayside - so current production shouldn't take a hit, but future growth might - flip side is we won't be funding all of that capex - also, i am sure there will be lots of litigation and hand wringing over this.
Really mad at myself for breaking one of my cardinal rules of investing - never invest in a blue state - those left coast freaks will scorch this thing if they can - and what a joke, there isn't even any fracking out there - just good for getting out the freak vote