sniffs of oil at 9 to 16mbo well, page-6

re: 456bopd just the start RPM is the best leverage into the JV. with only 187m shares compared to ITC 415m.
However, their cash situation is not great. They raised half the desired amount in recent spp. but that means they still should have about $2m-$2.5m. (bit less than half of ITC cash)
They have <1/2 the admin fees of ITC.

But I can see another issue happening soon. Hopefully higher than 5c! They need a bit less than $1m a qtr. from shareholders on current activities so they have 6 months. But they will have to get the $ before then.