Ann: Quarterly Cashflow Report , page-21

Reserves will mean nothing if each well undergoes 90day test, followed by a delay while TPL is processed, followed by 3years domestic sales.

We will not become self funding on domestic sales. We know we have dilution soon, but depending on duration of domestic sales and our growth rate we might get diluted again in 12months.

J50 cost about $6.5mil, J52 slightly less. They are only aiming at 2wells a year but are looking to raise about $15mil. These are expensive well for onshore. You could typically drill offsore for $20mil and the flow rates are significantly higher.

Companies like MAD drill onshore wells for significantly less. The flow rates are also lower. But the payback period is shorter. Hence their ability to drill well after well. Very high growth.

$6mil for 600bopd at domestic rates isn't going to attract big dollars.

They really need to define "sooner" than the maximum 3years. 1year is acceptable. 2years is a big negative. 3years is unacceptable.