Just a couple of things to note. All BRK substantial D&C...

Just a couple of things to note.

All BRK substantial D&C expenditure for Wolfpack and Juanita was last quarter.

They will post a record quarter in terms of production and revenue for the June quarter.

The $1 million then spent on the by back up to June 30 will probably be one of the major expenditure items. The expenses for production testing for Juanita will be essentially offset by the revenue generated by selling the ~5000 BOE's (80%oil) produced during the production testing. Acreage leasing expenses will minimal as they haven't pooled any acres for Bruins and Sycamore Maroons as yet. Corporate costs should be ~ $ 600K-$1 million as per usual.

BRK will be substantially free cash flow generative this quarter with royalty and WI payments essentially reflecting the $9 million revenue for the March which means that line item that could be $4-5 million for the quarter. We should be looking at a +$10 million cash build for this June Q if the above assumptions are ball park correct.

Royalty and WI payments for the Sept Q will reflect the ~$18-19 million revenue generated for the June Q so will be closer to $8-9 million for the 3rd Q as they are paid by BRK 2-3 months in arrears.

... and you probably are correct, the market won't give value for it

Cheers

Dan