I actually think there area lot of positives to be taken out of...

I actually think there area lot of positives to be taken out of this raising:

1) Sophisticated investors in the States are LT holders and may seek to buy more on the open market
2) It comes as no surprise that the capital raising was necessary as current cash reserves are committed to San Emidio and have already been paid to the operator
3) Tony Kain now has a heck of a lot of oppies and no FPOs. He doesn't get a big pay day unless the share price gets well above 5c. Isn't that what we want?
4) Obviously Jack Hamar is looking very good. Why dilute current shareholders otherwise?

I've been hearing very good things out of California regarding potential reserve size. I note that many people have expressed dismay about the quality of the recent annoucments. I actually think the managment is being very astute. I don't know how anyone can expect a company to over-promote their stock when they don't know the extent of their discovery. I'd be more worried if they were making wild and fanciful claims to the market, and I would seriously doubt their integrity. Management is offering a careful apporach to disclosure which is more preferable than the alternative.

What were they looking for?
We know that they were targeting 3 Monteray zones with a reserve potential of 1000 million barrels.

What have they found?
6 Monteray zones which have "exceeded expectations" and multi-gas zones which they didn't even know was there.

It's all in the announcements, check it out for yourself. I am confident there are good times ahead.

Just the views of an old timer.
Rick