drilling report, page-14

Yes, they lodged the permit a while ago but it doesn't look like AKG went anywhere with it. Was thinking perhaps they might move the champions rig over there and drill the lateral longer while looking to source another rig for other re-entrys. just a guess... Burleson haven't given us much to go on in the way of future activity.

Just did a quick back of the envelop calculation on dilution.

Currently 111M shares
75 Class B @ 125,000
50 Class C @ 150,000
Both the above are dependent on success
2M notes - convert @.10 to 20M

Gives ~150M shares plus a pile of 25c options (will add cash so I've left them out)

Theoretical diluted market cap @.12c is thus ~$18M

This is being overly conservative with dilution - most likely it will be 20-30M less.

For a company with a book value of ~$15M which has considerable cash inflow this market cap leaves a lot for future gains. Would expect to see 20-25c in the next 3-4 months