Ann: Targets Gas Production of 15 mmcf per day b, page-21

re: Ann: Targets Gas Production of 15 mmcf pe... yeah cool lets just forget about $120 mill of investors money aye, awesome for some.

Also to generate $20 mill PROFIT per year they need like 55mmcf production or about 22 wells at least. These old wells are not likely to be long term producers so realistically they need to drill 15+ new wells and tie them into infrastructure. FIrstly to do all this will take years for them because they are constrained with cash and can't afford to get multiple rigs on the field .their cash flow sucks. Secondly how much do you think drilling, fraccing and tie in will cost. Prob about $2Mill + per well.

My point is this upcoming capital raising will not be used to pay down huge debt otherwise their cash flow will still be cactus. Only option is pay the minimum and use the cash for development else stay in limbo for years.

I still doubt a $30 Mill raising or rights issue IMO the dilution of trying to get that much would not be supported by existing holders and I also doubt there is that much money wanting to get into MAE.