Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-106

Well one thing is for sure. The challenges out west for developers and producers (especially new and/or remote ones) are by no means over. Either go with pure explorers who are years from producing so this can work through or go with stable and diversified producers.The other play is for high-grade resources or infrastructure with proximity to a producer who may wish to buy-in those things rather than develop them given risk associated with any form of project.