sjx, great question and yes, i have been indeed reading numerous...

sjx,
great question and yes, i have been indeed reading numerous posts the last couple of days in relation to the possibility of a cap raise.

In relation to the current FP#1 well and subsequent FP#2 well, i would state that VIL is covered. Their expenses in relation to the infrastructure is 200K ++ is also covered. However i do feel that there might be a capital raise in the pending future for the future drilling program (perhaps they are trying to get production going to obtain finances via other avenues). This is part and parcel of the oil and gas game...especially when New significant finds and acreage are involved.

The actual price of the cap raise as well as the methodology used will be up for debate. In those instances, i tend to look at the management's past methods as a benchmark. In this case, their last cap raise was prudent and was issued at a nominal discount to the share price. The subsequent disbursement of the capital received has also been quite frugal and i am sure that most shareholders are happy with the JV's progress and expertise thus far.

Therefore in relation to your question i would say that there will be a cap raise but i do not feel that it will be as soon as many think or hypothesize.

Aside, my instinct tells me that the JV is trying to get everything organized and not getting too excited with things...the management's excitement must have been extinguished by GGP (shown in VIL's news release a while ago - the only clear indication of the possibilities that lie ahead).

To be honest, it has only been less then two months that the share price has gone from 1 cent to 10.5 cent and back to 3.9 cent...we have another 10 months to go for 2010...wonder what else is going to be on the horizon.