This is a tough call; I bought 1000 shares at $3; and waiting for another $2000 shares at $2.83 not yet filled.
The wild card are the two big buyers the past few days. Steelhead partners and EBERWEIN
and they have very deep pockets.
The company also announced they hired Lambert Energy Partners and the management team is experienced in building up companies and selling them.
So this one can spike higher at any time. I have a strange feeling they are going to sell this company for $6 a share. And it is not easy to pick a bottom and load up at the bottom.
I don't really see END selling the company. I believe it is a ploy to ease the pressure and stress from shareholders and for PR. I think they will work on getting this company into pumping oil, But it will take time for everything to happen perhaps 7-9 months...
when Hewlett Packard hit $12 I loaded up. The air was filled with bashing and lower price targets. Suddenly the sentiment changed and today HPQ reports nice earnings and the stock is surging above $18.
All I can say if who really knows how low it can go, but if you buy low and sentiment changes, you run back up to the $7.50 recent share offering price.
JMHO, but I've loaded up at these levels.