Ann: Debt Refinancing and Drilling Program Update, page-5

They have added in a lot more language about if a refinance does not occur and also no mention of if/when they expect to finalise a package. They have got themselves a further three months breathing room but that $20PHA fee will impact cashflow, no update on SM#58 production except saying production in line with expectations (what expectations are these - has has continued to drop, has oil continued to increase ?). Quests holders will need to wait to read the quarterly for some specificity .....

so in 2 months on the job the debt adviser has got a handful of term sheets - I expect the company could of approached funders directly and achieved more in this time.