Just wanted to re-itterate,Now that FPEC has come to the party,...

Just wanted to re-itterate,

Now that FPEC has come to the party, we will only be paying maybe $5 million for the Prarie Falcon well proposed.

At current levels we could drill 2 new FPEC wells & another vertical. But Realistically, the future direction financially and operationally all hinges now on SOA II & maybe a cleaned up Defender. If SOA II is a success I'd expect the SP to move close to the teens or 9-10c range, it's not the best result we would have hoped for a few months ago, but when the time did come I would think a CR could get through at these levels, would be hoping only for $10-15 mill though.

I'm with Buc here, would rather them take on some debt, if they say that 2/3rds FP acreage is pretty much proven and that we will be expecting results as per Abercombie from the Prairie Falcon + future wells, why not take a $20 mil loan out it'll get us around the 4 wells in FP. By the time the we've used up the loan we should have four new producing wells and on the back of this you'd expect the SP to be alot higher, do a CR then.

However, this all hinges on the fact of success of new wells. TB has stated they have learnt a great deal from the first 2 appraisal wells and the in the Quarterly to me he sounded as if it was merely a fact of putting these new holes in the ground and we'll get Abercombie-like results. We all know it's not the case, TB needs to get the best crew, particularly for Prairie Falcon, if this well is Abercombie-like all this current heart-ache is past history.

SOA II needs to be a success, they do sound very confident but I'm going to hold judgement based on the previous few months we've had. If SOA II is successful, we know what will happen. Then Prairie Falcon, we need the best crews, this result IMO will be just as important as SOAII, if a success we have two largely de-risked plays (FP & Conventional Niobrara), our SP will be multiples of today (and I reckon near the previous high) and a CR would be definitely taken up.

SOA fails, we've still got Prairie Falcon and enough cash to do 1 large lateral in FP and another conventional. But the big factor here is that most will have lost complete faith in management, and this is one of the major factors of investing in a company, if the company heads this way no matter what results are achieved from another additional well or 2, they will struggle to find investors with current management.