qtrly, page-19

Noof , Scott Etal

" Louise Prospect (15.5% WI) - The Company has provided the farmin operator with an extension to commence drilling the well by 1 June 2014.
It will be drilled from the Desiree location pad. Louise is targeting 600,000-800,000 bbls oil in an updip segment of a proven, oil-bearing compartment.

SO at last it would appear that Petrodome is on the Job
NOTE "The Operator has secured a drilling permit"
(We knew that)

With $1.95 Mil income Av per Qtr I would believe Louise
is affordable.
Best they get on with it and start the drill by 1 June

Again it's wait and see.

So where are the other $$$$ being spent ? I'm not real smart at reading the bean count.

"Grand Gulf is to identify up to 3 targets for drilling this calendar year."

The above has that vagueness that makes me wonder WTF.

So we head off down the garden path with cash in hand ,
cash in the bank and a drill , a WK connection and an adjustment to Abita to come some time in the future.

Add to that the 3 targets waiting to be Identified.

And YES we have some leases. (What was that all about)


CH$$RS R15