Ann: Quarterly Activities Report , page-6

To be fair to Bpt, they just bought 40% of 855 for 16 mill, less some cash, and not only that, the money goes into the ground, not to Icon. That is a heck of a bargain.

If Icon had received the 16 mill in cash, it would have covered their 40% for 40 million total worth of activities.

So even if they have to 50 cents a share it still brings their overall price/acre in line with the adelaide purchase.

They've done pretty well.

One thing i would like to ask about the quarterly is cash on hand of 14.04 million.

How is this possible? At the end of last quarter (september) cash on hand was 14.26 mill, and they burn a couple mill/quarter on overhead/wages and they drilled maroon. Is this a mistake? or did Icon get some money from somewhere last quarter that i've missed?

Just trying to get an idea on the next potential raising.

I should think they would be down to around 10 after this drill, and then paying beach 2 something for the farmin, and then i'm also not sure on the seismic? is that covered, or is icon up for 40%?

Anyone know the answer?