Ann: Placement of Shortfall Shares, page-19

Mike Mike the Alaskan government is about to release a further 10 million acres , north east as they think south west has limited potential. Estimates 10 to 13 billion bbl.
we could buy the whole lot. However we have one extremely large problem that many keen followers of 88E refuse to acknowledge. That being we need lots of working capital, and each time the Bod raise money the ultimate use changes, into new leases.
There is a limit to the debth of investors pockets as shown buy the recent CR. Real estate leasing is a great strategy but if we had $150/$200m in the bank now it would not be sufficient to complete a full drilling program that has been identified across conventional and HRZ.
It’s time to drill, JanuaryFebruary is good.
DAVE Get some cash flowing and stop blugging off an ever decreasing number of investors thus exposing us to a weakening negotiation stance with farm out.
Sorry mike.