Ann: Oil and Gas Overriding Royalty Acquisition and Funding, page-12

Guys, the tax losses I was referring to are held by PGS (from old USA operations). The deal is cash flow positive & as always with all oil & gas players there's varying risk factors, especially at this end of the market.

Doing a deal with MACQ maybe just what PGS needed, as they could do with some broker support & I assume MACQ would be interested in PGS's Cooper interests if all goes well at the corporate level.

I understand most are disappointed with admin costs (me included), but the way I see it, it's better that the board start leveraging assets/skills to generate shareholder value, at the a lower risk threshold ie this type of transaction, whilst we wait for 2 more holes to be drilled pre-Nov SXY & pending ORG drilling program hopefully starting some time next year.

Either way, I don't see the royalty play that bad, with MACQ involved...PGS board does have ex-New Hope CEO & they do still hold 20%....with all the recent heat on board, I cannot see these guys doing a dude deal, just for the sake of it. DYOR