Ann: Investor Update , page-30

SEA will not be cap-raising, that I am 100% confident on (they take great pride in not having had to capital raise in the last 2 years).

In terms of additional funding, the company has mentioned several times that their other 2 Bakken assets are likely to be divested in the near-term. End of 2012 was a possibility, but I think early 2013 is a greater chance. I've estimated they'd be worth ~$90m combined.

It was stated in their latest Webcast Presentation that the company has $110-120 million to redploy into an existing proven resource play (acquisition). I'm not sure if they would be willing to go too far over their $110-120 million target. If SEA were to buy something from TXN, I'd say there is a greater chance that they would make a play just for the MR acres, all ~3,300 acres worth.

I don't know though, when they mentioned they were looking at 3 basins, they mentioned the Eagleford last. Plus there are alot of companies in the play (incl private ones), some of whom have debt problems and need to flog off assets to the highest bidder. There is probably only a very small statistical chance SEA ends up buying TXN's project.

The March 28 2012 date sounds right to me, however I'm not sure what the exact regulations are. Eric (SEA's CEO) said this last month in the annual report:

"Over the next six to nine months , organic growth will remain important but we will be actively seeking a step change in the company's growth trajectory via acquisition".