agm 07 11 08, page-27

The only upside to this grant is the potential future cash flow from investing activities; however this will not occur earlier than Nov 2009. Again, ask yourself how happy you will be with the performance of the directors if a $4m capital injection is a material item on the companies balance sheet at that juncture.

Bungy, please do not interpret this as a slur on your earlier post related to drilling courtesy of directors; just an alternate view. The capital injection has PV to extend/ramp-up drilling operations in the next 2Q; with options vesting in 2009 and lapsing 2011 the strike price is at least a $1 shy of where it needs to be. Due to your strong holding and following amongst others your views and intentions will no doubt influence others. I for one am interested in your thoughts.