quarterly report encouraging, page-8

I'd propose the following question

What happening to receipts for sales? Q1 2009 = $175,670

Q1 2008 ie the same seasonal quarter last year = $364,714

However they have at least 9 additional producing wells, at least 5 of which would have been in full production for quarter 1 2009.

My understanding is the wells are around $250,000 to drill and IMP have consistently claimed they each well pays back the drilling costs in something like 3 to 4 years. If we assume 4 years (noting at their mid year review they stated 3 years)

This means each well must be adding about $5000 in revenue per month, so for Q1 2009 just these 5 new wells alone should have contributed $5000 per well x 3 months x 5 wells = $75,000.

Given gas prices have been low for several years and seem to be improving, and they claim to have 60% of their production hedged anyway, then why is income so far down in the same seasonal quarter despite 5 new producing wells???

Take it another way, just from the latest drilling program alone (and they claim to have many more producing wells) then right now 16 currently producing wells that are all going to pay back in four years should equal in rough numbers 16 wells $5000 per month x 3 months = $240,000

They state on their website that they have 168 proven developed producing wells!%(? Now old wells will start to flow slow but how slow???

Dazzler