in the SEA quarterly last weekCash received from the South...

in the SEA quarterly last week

Cash received from the South Antelope and Pawnee asset sales during the quarter totaled $173.8M. The Company has elected Section 1031 “like-kind exchange” treatment of these sales under the US tax rules. These rules allow deferral of the gain if the proceeds are used to acquire “like-kind property” within six months of the closing date of the transaction. The Company expects to utilize these funds for direct leasing in existing core areas and potential acquisitions in existing or new development areas and consequently expects to be able to defer the majority of the taxable gain on the sales.

During the quarter, the Company repaid $15 million of its outstanding debt with cash received from the sale of the South Antelope prospect. The remaining debt balance was $10.0M and cash on hand was $163.3 million as at 30 September 2012.

the company has to get any deal it does over the line, i gather, by the 28th march 2012

if it was to be a texon efs purchase, the cash is insufficient, so they would need to add script. that would possibly need an agm.

would you expect theoretical SEA tranaction on the efs to be called early?? thus to make sure its approved, and leave open a few secondary options as plan b?? or do you draw it out to the last second possible and pray it doesnt fall over?

just chewing over the idea as these ground hog days pass by