options versus full shares

Team

A couple of questions:

(1) CTPOA: With the options expiring in June 2010, does the company have the ability/option of extending the expiration date of these options for existing shareholders who are holding them?

(2) General question regarding timing. What are our thoughts on the Options versus the Full shares from a timing perspective. The Options seem so cheap and with 1.5 years to go till they expire do we feel there is enough time for CTP to drill, test and release results.

Any other comments/feedback would be appreciated