the making of a multi bagger, page-30

I do agree but would qualify a little to note that the June 12 GGE results included sale of La Posada. Had the project been retained the income from that project for the year would have been around $450k not the $5.6m gain from sale. Recurring income based on that wells performance would be around $1m per year. The sale of 4.75% WI largely provided the funds for the current projects and also some unsuccessful ventures this year. Its arbitrary I know because without the sale cash some of the other projects wouldn't have happened so there wouldn't have also been as high write-off in 2012.

Review of this issue did reinforce to me that management had a clear forward plan on how they would finance and develop the napville project which showed awareness of the commercial environment of the time which imo was a good thing for a speccie.

Just trying to be objective.

Note: No's based on Lease #242535 prodn from Sonlite