strategic update, page-14

elgaes,

Sorry debt didn't come down from $66M to $33M in the last year. $66M was the peak much more than 1 year ago. I think last year's closing debt was @ $42M.

As for the facts, well I would say that virtually no money was spent on drilling last year, because it was funded from the loan note issues, not from debt.

Yes some wells were on restricted production, but cash-flow went to paying down the debt further. Also a lot of the well completion's occurred in Jan 2014 after the end of the period, was those costs paid upfront? or has it to be paid from this years money?

The fraccing cost is @750K a well

LOTM