Although they don't have the cash but think abiut this.....

400 M shares at lets say .75 each. equals 300M. 300M gets you design capacity of 20,000 bbl/d, plus other assets and debt.

If you spend that same $300M you can't build even a 10,000 bbl/d design capacity plant. So it is way cheaper to buy existing shares through a buyback, and of course the same holds for someone trying to buy it out.

Just my thoughts......