material dilution, page-4

I agree with you Davo. I was hoping they'd just keep quite until Grieve starts producing.

I think that an acquisition is invloved with this cap raising and it will either be leasing of acres in the niobrara surrounding Grieve or buying a field nearby that they can piggyback off the Grieve development. Or a combination of the two.

With current prices paid for the niobrara they won't be able to lease much. The only hope is that they can approach surrounding ranchers to buy small lots at low prices, consolidate them into a larger holding and then get the attention of a big player for a farm-in.

I just don't see the need for risk or shareholder dilution unless they've got something in mind that creates immediate value. Having said, I would think that the major shareholders (Healey, etc) have been approached for a placement and they are comfortable with whatever is coming up.