Ann: Wizard Lake Interim Results, page-31

Hi Mike,
It is a moving target.

An agreement last awhile and then gets replaced by an updated one.
Originally WBE had a 20% interest when the drilling started.

PLX was paying the lions share of everything but have debts and are pon the verge of bankruptcy. Around Christmas time the 30% deal happened and Wbe was going to fund the facilities.

Now we have a moving deal arrangement , with WBE paying for Rex 2 and 3, and on completion of these wells WBE will increase its share to 40% and then 50% when Rex 3 is completed.

Once PLX start recieving their 70% of the Rex 1 oil they will have no money but creditors will probably be happy with them, especially as Rex 2 is happening.

If all goes well 50% of the whole shooting match will be fine, as there are at least 18 wells to drill.
The really funny thing is the money is pouring in so fast they will probably have all the money back for the Wizard Lake facilities, Rex 1 will be back to 30% and they will start receiving 100% of Rex 2.

Great stuff

Saltbus