Ok crunched the numbers. Nothing really unexpected in there...

Ok crunched the numbers. Nothing really unexpected in there except the Cash is holding up slightly better then I'd estimated.

Notes:
1) Keep in mind 15 producing vertical wells in the Leighton Olmos & Yegua sold effective 1 Feb 2012 so the production declines are very much expected. ie Q4 2011 had 3 months of all wells, Q1 2012 had 1 month and Q2 2012 had none.

2) New EFS well will come into production in Q3 2012

Av Nett BOPD per QTR
Q1 2010 147.0
Q2 2010 164.0
Q3 2010 126.0
Q4 2010 155.0
Q1 2011 337.0
Q2 2011 457.0
Q3 2011 419.0
Q4 2011 901.0
Q1 2012 497.0
Q2 2012 299.0

Av Nett MCFGPD per QTR
Q1 2010 1,476.0
Q2 2010 1,754.0
Q3 2010 1,592.0
Q4 2010 1,254.0
Q1 2011 1,675.0
Q2 2011 1,585.0
Q3 2011 1,905.0
Q4 2011 2,003.0
Q1 2012 1,221.0
Q2 2012 430.0

Cash Balance
Q1 2010 4,958
Q2 2010 4,286
Q3 2010 20,598
Q4 2010 13,657
Q1 2011 12,724
Q2 2011 33,149
Q3 2011 23,764
Q4 2011 13,366
Q1 2012 26,858
Q2 2012 25,766*

*As Development costs were only $4.2m and the fully fracc'd horizontal wells are about $9-$10m each, it doesn't look like they'd fully paid for the #5 EFS well as at 30 June. My guess is that current cash balance is hovering around $20m.

For those of you that like a visual display, cut and paste the numbers into excel and throw them up on a graph.