with no uptick rule from SEC, firms of this size can be targeted for destruction by shorts and nothing is ever done about it. Shame SEC is in bed with these crooks. They push down share price enough so that the firms ultimately disappear or fail. GMXR, APPG, etc are all in that same category AXAS will be next unless something is done fast.
They are too far under to fund themselves at this point. They should sell while they can as some big boys in ND would like to have the acres. AXAS has acreage within Hess controlled area and such. They should be talking to them. Hess bought out American. AXAS should look into the same. Trouble is they are so far down now. They don't have the money or the acreage to have even been at $2.00. People heard "Bakken" and assumed they should buy, but AXAS has very small working interest and some of acreage is in very poor producing areas.
Did you see slide 15 from the 3Q?
They are drilling 4 wells on a pad 2 each to the Three Forks formation and 2 each to the Bakken all of these are Horizontal (long lateral of 11,000 feet)
The STENEHJEM 27-34-1-4H are 72% WI and the 1H well is already prodcing
The RAVIN 26-35-1-4H are 49% WI and 3 are complete
The JORE FEDERAL 2-11-1-4H are 76% WI
The LILLIBRIDGE 20-17-1-4H are 47% WI and the Raven 1 driller is on site drill #1
These well are in McKenzie County where AXAS previous wells where Vertical and have 400K BBO and now they are in the same section drill to more prolific oil plays. That money is already planned for and invested.