looking very strong at the open, page-12

REX

According to the US Presentation (The most recent TRH Announcement), the State Leases have been applied for. It does say "applied for permit to drill on 4 state lease blocks"

It also says "Allow drilling holes after state permit secured for mid 2011 target (36km2)"

The Right of Way Announcement on 19 April states:

"The process for permitting drilling on the State Lease blocks is through issuance of a ?Notice of Intent? to drill, which will be filed with the State of Utah?s Department of Oil, Gas and Mining by 30th April 2011, and usually takes a month for processing ? following which the company may drill in locations which have already had extensive survey for flora, fauna, and archeological occurrences."

Ringbolt Enterprises applied for permits to drill State Leases on 16 March and received a permit on April 28. The announcements are on their website. The timeline to secure permits is close to the 31 days that TRH mentions. It also helps that oilers have drilled on TRH's state leases. If TRH did file an intent to drill on state land before April 30, then it would be fairly safe to assume that June 15 would be a milestone date for securing the state lease drilling permits. The decision could always go the wrong way but TRH management are confident they will be secured as highlighted in the April announcement.


Management seem confident that the Right of way to access the state leases is secured. The statement in the recent presentation outlines that they have applied for the state lease drilling permits. I am not as confident as the management team and will wait until the BLM's Bulletin Board is updated with Appeal Period ends and the final ROW Environmental Assessment document. REX, the 30 day appeal period would have ended 14 May in the USA.

The roads will have to be built and drilling rig secured. These things all take time but it is positive that the share price is going up. The world markets are not so positive so investors must be prepared for anything.