conversions

By my calculations we have the follwoing conversions coming:
- Notes: Approx $6M by 31st May
- Options: Approx $6M by 7th June
- Options: Approx $6M over July-Aug.

All that in addition to the cash being held in reserve + general working capital.

Additionally RBL estimated at $20M


All up, I'd say about $50M in cash and debt to "do" something with.

Some options.
1) Keep drilling at 6 wells / month.
- that would cost about $50M over 12 months
- production would rise by about 2500 for a total of 4000 BOEPD (ish)
- Valuation: EV of $3-400 Million

2) Aquisition (acres)
- most likely RFE Dev area 9 IMHO
- 12K acres for around $18M. A total of 20K acres would turn AOK into a respectable mid cap oiler.
- lots of cash and inceasing revenue to drill it out

3)Aquisition (Company)
- most likely RFE IMHO - script offer
- $50M could get rid of their high interest loan. Less staff required. Both big savings and enough to justify offer at the right price
- not sure if AOK will have the cash / revenue to hold all acres by production so some may be lost / cap raise?
- still, end result would be production of 4500 BOEPD, 80K acres, amd about $70M in debt. $300-400M EV not unreasonable