Ann: Trading Halt, page-60

Optimal timing maybe? One assumption being made is full redemption for cash .... that may not be the case though.

From my view I'm looking at as

* 1st Priority ... Farmin Asset ... and hopefully not just exploration. PDP would be ideal. That goes to balance sheet Assets. The equity capital raised offsets this in the Equity part ( as Total Assets = Total Equity + Total Liabilities)

* 2nd Priority ... CN redemption ... if all for cash then yes that as a cool $12M+ ... No effect on Balance Sheet. Reduces Liabilities (CN) to zero and offset by Equity. I'm talking $$$ hear and not #shares

* 3rd Priority ... the actual equity issued to accomplish this. It would not hurt us to have a large cornerstone equity investor (that want to hold ... so put that in their agreement ... no sale until after say 2 years for example). They may choose a preferred share path, expensive but less expensive than bridging finance. Whatever the path chosen IMO it is really to "tidy up" the balance sheet for some form of first lien Bank Reserves Based Loan based on PDP from updated reserves assigned to SM-71 and Lightning for the purposes of developing Lightning (and Mustang when success occurs .... Cara has called duster on it right?).

OEL needs "bulk" and IMO 5,000 boepd is simply not going to cut it (especially with the gas mix increasing). Reset the target.to 10,000 boepd and get the mix of PDP, PUD and 2P reserves right.

Looking forward to another "transformative" announcement hopefully.