ssn enercom presentation, page-48

Buc those 8-9 wells are only at the 66.66%. I worked out $6 mill per completed well ($4 million for SSN per well) and only used the $28 mill that was allocated for drilling and completion in the Budget plus a well or 2 from additional revenue.

Let's update it for the rest of 2012 hey (all wells priced at $6 million for completion and assuming Roosevelt full time rig)

Cash Balance = approx $42 million/

Expenses
Bakken 4 infill wells (30% SSN) - $7.2 million
SOA Redrill (37% SSN from memory) - $2.22 million
Wages/Bonuses!!! ;) for the team - $1.5 million
Roosevelt Wells (66% SSN for 8 months at 1/month) - $35.64 million

Total Expenses = $46.56 million

Income from producing wells (270 days at 500BOEPD, $95 Barrel, ans less 40% tax) = $7.7 million

Cash Balance at year end = $3.14 million

Just on those rough calcs even at years end we are going to be very close to a nil balance, you all might say we'll produce more income then that, but on the other end there will no doubt be delays, stuff ups to wells etc. that will send the expense price up.

As I said before, and whether you like it or not around the start of next year something will need to happen with funding. I don't know what, but I'll say again, from the sound of TB this morning he is well against bank loans/financing. So I'm of the view it will be either a CR or JV, which one, only TB & the board will know closer to the time.

But for the time being, we have some very exciting things coming to hand, so let's all worry about that when it get's closer hey!!!