new email

I sent a email to Kenny with a couple of short questions and with his permission his reply below

Eamon,
The phase two Park City develop program is complete and underway.   The market update is currently making its way through our normal review and approval process and I’m hopeful that it will go out this week.   We had a couple of loose ends to tie down regarding the plant, local power infrastructure and a few other smaller items, all of which impact the pace of our expansion plans.  Our acreage expansion is really more focused on the need to have surrounding corniferous formation supported mineral lease agreements in hand before any additional drilling or investment companies come in and try to replicate what we are doing.  A secondary focus of the expansion is to better understand the recoverable oil and gas reserves and that goal cannot be achieved unless we have a bigger footprint.    However, we will not acquire the footprint just for the sake of having it.   Lease expansion must be supported by the geology underlying the land.
 
The recent fully underwritten $7m+ rights issue has consumed a considerable amount of time as well.   The phase 2 Park City plans, March-April drilling at PEL105 and the push for additional US based plays have kept us quite busy. Its hard to believe that we really just started rebuilding the company on July 1 of this year.  I’m personally very excited about what our management team and board of directors have accomplished in such a short period of time.  We all still have much work to do and I’m hopeful that the market will reward the fruits of that effort with strong share price support.
 
Regards,
Kenny Hill
Vice President of Business Operations and Investor Relations
Austin Exploration Limited
Aus-Tex Exploration, Inc
AEL Management Services, Inc.