Ann: Hawkley to raise up to $18 million , page-27

The 40.55 million shares to the Sophisticates imo will be over subscribed, it's a no brainer. The second development well is going to increase our revenue, 37 cents is a bargain, the Chernetska well must be ready to commence, and with one or more potential acquisitions in the pipeline I think it's a positive for HOG.

I don't think management are just pulling salary sitting in the office drinking coffee, eating Tim-Tams and playing Russian roulette all day. With $18 million HOG would be well cashed-up to fast-track these programs.

To have three wells going on the Sorochynska licence, I think one would be looking with much more then 37 cents a share by the end of this year.