value of assets, page-11

Cam, I will ask the same questions that you asked of Carco:

"What sale price of the company are you factoring in and what dilution from the current CR? ie how many shares do you envisage will be out there?"

This is not to be tricky. I hold your thoughts and comments very highly. I personally don't have a sale price in mind but am highly conscious of the value that I have paid for my holding. Mid 20's will bring back a smile and higher will be very much appreciated, especially for the heartache and worry caused over this last 12 months. I don't believe that dilution will be that great from the next CR....certainly nowhere near the suggested 6 new to 1 current share held.

There is now no need to raise the whole $36 million from a CR (as suggested on this forum a few months ago) in order to pay for the re-completions of Marion's 13 identified wells. The recent quarterly announcement has laid out a very workable company action plan for the next 6-12 months: New bank; extended period for load repayments (with possible further extensions); $5 million (only) CR; possible new loans or finance to raise funds; effective cost reductions to stop/reduce cash burn; and a comprehensive development plan managed by Jay Stratton.

My thoughts only. Regards, Bernie