50 mil bond strategy, page-8

Well Arbitraged, its great having the facility there and available. I didnt have any doubts in my own mind that the facility was there and able to be drawn upon...Dont see the reason why any of the JV partners would think any different either? I am a little pissed really that they are accessing the funds, when they have already capital raised for the upcoming drilling campaign...

As its all cloak and dagger atm with the JV partners and negotiations have not been released to date. So then, I logically and analytically cannot justify clearly that they are raising the funds for a broader drilling campaign then already slated in b/w pursant of approval by JV partners.

So to me whats the point flexing muscle proving a point, when all your doing in my eyes is pure and simple share dilution at 8 cents. Talk about capping the price. If they really need the funds, I would have thought call downs during the drilling campaign when the SP has moved north would be a better call...Seeing the calling in on the options for more capital is a far better plan imo.

My sentiment remains the same on potential and value the company has to offer. Passing judgement without being able to dot the i's and cross the t's leaves you only with my own opinion at the moment on the call down's on the bond facility. Its pretty much how I see the op as well.

Later.