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Ann: Successful placement and debt conversion, page-271

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    1. PIERRE WELLS???

    This reflects the write down of previously incurred costs related to drilling the Pierre wells, which due to drilling results during prior years have been put on hold to pursue other projects the directors believe will provide increased value to shareholders"


    2. CASH POSITION???

    CURRENT LIABILITIES
    Trade and other payables $2,673,648
    Interest bearing liabilities 43,563
    Convertible note 9 $2,941,883
    TOTAL CURRENT LIABILITIES $5,659,094

    Cash at end of period (DEC31) = $77,617
 
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