Based solely on the financial statements it would look like Falcon needs capital soon, but the entire direction of the company has changed quite significantly since new management was put in place by the two major owners just over 1 year ago.

Falcon is now working now much more like a holding company and is using it's JV partners money to pay its way. Hess, NIS and Chevron have paid up quite handsomely to participate in Falcon's three major plays, with more funding coming from the same sources and a few new ones.

The history of repeated dilution was under the former CEO - Bruner, but Burlingame and Solitor had enough of his actions and changed the whole direction under the current management. All the names shown on the pie chart do exist and have purchased their rather large positions at prices that are three and four times higher than current - and they are going anywhere just to break even on their investment. Good luck on the 12 cent shares as you will run into many of my stink bids long before it gets that low again.