Ann: Grieve EOR Project Progess Report , page-12

hi benboy77, my guess is that capital costs will be around $20M for phase 1, which is alot less than what it would be for the CO2 option. Also, response time should be a lot quicker as the reservoir section is thinner in the phase 1 area.

It's anybody's guess as to what we can get through a JV. I'm hoping that the debt markets are more open to lending for this project (especially with oil around $80) and if we can manage to get that we could keep 100%.

Also, if the sp gets higher I would be ok with a placement of say 15% to raise more equity and help fund phase 1. But it depends on what the best offers are for the JV. I'd hate to give away 50 or 60% of Grieve just for a couple of million.

I'm sure they will have alot more to say about that at the AGM... only 2 weeks away now.