Rialto Energy's (RIA) Quarterly report came out today.IMO some...

Rialto Energy's (RIA) Quarterly report came out today.

IMO some key quotes:

"..In terms of funding the planned work programme in Côte d’Ivoire and Ghana, the Company continues to review options, including a potential farm-out..."

"2013 has the potential to be a truly transformational year for Rialto and we hope to report on encouraging developments throughout the year..."

"..In January 2013, RPS Energy Services Pty Limited provided an updated Reserves and Resource Report (“CPR”) in relation to Block CI-202. The CPR certified a Total Mean Prospective Resource of 897 MMbbls (liquids) and 2,936 Bcf (gas); as well as a Total Mean Contingent Resource of 40 MMbbls (liquids) and 270 Bcf (gas)..."

"..Rialto has executed a contract to use the Vantage Sapphire jack-up drilling rig for a drilling programme of between two and five wells expected to commence during Q2 2013. This rig is currently operating in Côte d’Ivoire, has an excellent operating record and will be suitable for drilling any of the exploration prospects at the areas described below:
Gazelle/Condor Area: Total Mean Prospective Resource of 19.9 MMbbls (Condensate) and 999 Bcf (Gas)

Faucon Area: Total Mean Prospective Resource of 181 MMbbls (Oil) and 111 Bcf (Associated Gas)

Hippo/Bubale Area: Total Mean Prospective Resource of 127 MMbbls (Liquids) and 684 Bcf (Gas and Associated Gas)

Chouette Area: Total Mean Prospective Resource of 206 MMbbls (Liquids) and 764 Bcf (Gas and Associated Gas)

Arius Area: Total Mean Prospective Resource of 289 MMbbls (Oil) and 145 Bcf (Associated Gas). Note – on-block portion of Arius prospect only.."

Cash on hand at 31 December 2012 was $30.3 million.

Now my thoughts : In my opinion, all the past disappointment has largely been more than factored into the share price. RIA remains oversold.
News on any potential JV partner might well be very positive for the stock.
2013 is likely to be a very busy year for RIA with drilling action likely in both Côte d’Ivoire and Ghana. This might well lead to increased market interest.
I have recently doubled my family's holding to 400,000 and am likely to buy more on weak days.