dear leader, page-4

the way noel the naive has structured his deal, the canadians get free time carry. it is in their interests to postpone spending money as long as possible. to raise the 20 million cash,the 3 million dollar company will have to do a capital raising or farm down their share .

if oil goes up,and the world economy improves,the smart canadians will be able to raise money from the deal noel gave them, and make a lot of profit that would be 3d shareholders if the board wasn't what it is.

if things do not improve, the canadians just walk.

the deal basically says that noel is not up to raising the money himself,so he has given a free option over 3d's future to a 3 million dollar minnow. if they can raise the money profitably they will, but otherwise nothing to risk, unless the million shows up.

spending a million dollars to get control over the upside of 3d and west seahorse is cheap,if you can string it out for a couple of years.

drilling inside a year--how can that possibly happen. i will proclaim noel a genius if 3d hits oil before next christmas.---if he doesn't how about a serious go at voting down the next renumeration report.