The insiders of SCS own almost 1,000,000 shares.
The CEO only owns about 600,000 shares.
SCS sits on a GOLD MINE too. Fact according to the drilling results (IP-30, 60, 90) thus far.
SCS has 125,000 net acres undeveloped land (Pekisko, Beaverhill).
Pekisko: 100,000 net acres (100% WI).
Beaverhill: 30,000 net acres. (10,000 net acres at 100% WI and 50,000 acres at 40% WI).
BHL shows great results but the shallow and low cost Pekisko shows very good results too.
Waterflood also responds well in Pekisko and it will most likely respond well in BHL.
Crescent started it in early 2012.
A JV (50%) for Pekisko and the remaining BHL can give SCS around $100M.
I am sure that the bod is considering multiple options, but the current low market value makes it difficult. that is what I meant when I wrote the other day that by just getting in front of the situation (explaining the temporary collapse in the pakisko oil price + the money spent on wells that failed and defined the edges of the oil pool + lack of pakisko hedges due to the oil quality being the way it is), they could have made their own lives much easier by getting the company share price to go down, but not by that much.
If they raised a rights offering at a bit less than a dollar, it would have been much better.
honesty is always the best policy when it comes to the public markets.
anyway, that is water under the bridge and they allowed me to average down to less than $0.30/share on average.
I do hope they learn from how they dealt with this situation what not to do.
good luck to us all.