Ann: $50m capital raising to accelerate developme, page-19

re: Ann: $50m capital raising to accelerate d... SF,

I still see the 30MW power gen as a side issue, eg 5% of our gas. We look like raising $77mm minus expenses of issue. My guess is we wouldn't be looking at more than $20mm as equity for the power gen project, so why the big issue now in one lump?

I'd have preferred a rights issue and/or phased CRs. This takes nearly 25% of my upside, but sure I was counting on losing some, and we do get an extra 25 cps or so as cash backing in exchange, so not all bad.

I am really looking to see some confirmation of my hunch that there is a game plan beyond current permits, and if and then, I will be OK with this CR.

The cash certainly makes BOW a safer entity, and the sp somewhat less volatile. Best to trust their judgement for now I guess.

They tried to please the small holders with the SPP, but us larger small holders are badly served by this type of CR, with the SPP not being material, yet not being sophisticated enough to get our snouts into the insto's trough.

EL