Sold 1/3rd of my shares will hold the rest to see if I can get a little better price. Still think this could be a 4 to 6 dollar a share company but have no illussions that management could ever build a bussiness for the long term. As far as I am concerned management screwed the shareholders with the administrative costs in the last quarter. No excuses for the huge increase.
The only thing management is guilty of is not setting expectations. Over 200K of the G&A cost increase is non-cash compensation, in other words Stock. Another large chunk was Separation costs for an ex employee. After you take out these two items you have an increase in G&A of about 230K, pretty much what you'd expect for a company that has much more activity then in the past and is trying to establish a local presence in the area where they are drilling. I only wish I could have added a few shares on the pullback.
Touche win, I sold out Tuesday I will take my loss this time, and (ASK)tell myself why Lucas!!!! so So many quality oilers why lucas! never ever again. good luck all.. on another note enjoy your 7 flowing barrels per day for 2MILLION BUCKS for the new property aquisititon!!!!