come on!!! it could be a number of things!! FOR ANYONE THAT KNOWS...depreciation of the wells on the 10k is MOST LIKELY!! and this is probably what is holding back the release. COMBINE that with someone who is NEW or inexperienced can delay the filing. RELAX people it will be...........ok......after the share price drops 50 cents....MUAHAHAHAHHA......LOL
I believe this is their fiscal year end (correct)? That is when the auditors have to validate the financials are materially correct. The fact that the Audit Committee is involved is a very bad sign. They are supposed to be independent, and there is an obvious problem.
In my opinion, (as I have stated for years), the financial statements alone cause be to wonder if this a ongoing concerns. The quick ratio indicates current liabilities are much larger than current assets. How are they going to pay their short term bills? is a good question.