Ann: Trading Halt, page-51

From quick read of quarterly - $13M cash in bank and expected outflows next quarter of $12M primarily exploration activities as you'd expect. Prospects may be good (I believe they are excellent) however: A) strong cash position puts us in a better negotiating position for any farmin / farmout deal - ie. we are not desperate B) the last thing any of us want is for company to announce they've identified solid leads on a couple hundred million bbls of the good stuff at Yukon but they have run out of money to turn it into a workable prospect - and see some other company scoop it up for pennies on the dollar. I don't want dilution either but exploration and developing leads costs money. And until a farmin / farmout deal is signed or some other source of funding is found - this is the nature of the game. You gotta pay to keep playing. For mine - this is Dave earning his money by ensuring the company remains on a firm financial footing so that we are in position to reap the rewards of all the blood sweat and tears that got us this far. If IW2 / Yukon / conventional leads all pan out as hoped then it will all be worth it!!