WA-507P 10Tcf-20Tcf Gas plus very substantial oil target to be announced soon, page-10

Agree nobes4arsenal - the one real problem is, if I am not mistaken, they only have very limited recent seismic (for one of their permits); for all other permits they need to shoot seismic first. I suspect that any potentially interested party would at the very least want to see some seismic data to base an investment decision on. To shoot seismic will set the company back at least $1-2M per permit I suspect (obviously depends on how much seismic you end up shooting). A bit of a nasty catch 22. You need money to firm up reserves or potential and get possible interest in farm outs; however, if you are low on cash, you need to farm out first to have the money to firm up the potential. Bit of a dilemma. If I am right, one of the permits PGY has does have enough recent seismic data already - so that particular permit could be the saving grace...still very much a huge long shot though in this market. PGY has been marketed hard over the last week but any liquidity that appears is soaked up just as quickly. A lot of money is cutting and running it seems. Here's hoping the company can find that farm out party. Without it, I suspect cash will be a real issue as permit
commitments need to be funded. I will sit on the side lines for now...good luck to all holders.