actually the glass is half full, page-24

[QUOTE]
As for the water, there will be oil/water contact in these types of deposits. What is happening here is they are finding the edges and bottom of the oil deposits, so they are able to refine their reserves and drilling/production strategy. This is an unknown quantity as far as oil fields go, so they are "feeling" thier way as they go.
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Absolutely its vital they find the water contacts and edges. Once again it shows a complete lack of understanding on some shareholders to see the importance of this. The goal of CVN is to fully develop the deposit and in so doing get an accurate and full reserve. One thing should becoming clearer to holders is that CVN isn't a day traders stock like it was a few years ago because the big rewards are what its SP will be selling for in another two years. By the years end of 2009 we will pretty much know the extent of the joint venture with POE.