Keep in mind the market cap is only about $700K. 

Keep in mind the market cap is only about $700K.  With just one well, assuming 11 barrels per day (average for the very close vicinity), we're looking at over $400K annual gross.  That dwarves the convertibles coming due.  And they intend on drilling multiple wells.  These kind of companies can turn around so quickly, it's easy to miss.  No revenue to revenue overnight.