Ann: AusTex Fully Funded for Long Term Development at Snake River, page-13

Good announcement. The cost of debt at libor + 4.5% seems pretty good as well compared to what RFE/NSE etc are paying.

So they are saying that the current $9.5m in cash plus the first $20m of debt will get them to breakeven at a six well per month pace. Excellent.

When does the rainy season end in the US?

And it looks like they have gotten out of paying any dividends to Ptolemy. What was the original arrangement here again? Can't work out if this is a good point or a neutral point!