If I recall correctly, buy out or farm in JV were the end goal...

If I recall correctly, buy out or farm in JV were the end goal options. But I do know it was always about proving up the resource and involving a third party, not producing ourselves.

Issuing more shares doesn't look good on paper and everyone cries dilution, but we are a spec stock oil explorer with no income - how else are they to raise money unless someone jumps on board for a share of the acreage / resources? Either one dilutes the share value. People need to start reading such moves as company progress rather than a step backward in their personal portfolio value.

I agree there's a limit to how many times we can do an issue before shareholder value turns to mud, but we're nowhere near that yet. There could be 10 billion shares on the table and 10 more wells drilled before we snag a buy out - that would be twice the current shares, so diluted to roughly half the value. If we assumed that the SP has potential to get to $1 easily then I'm okay with 50 cents a share. We are a penny stock afterall, so let's not lose sight of our beginnings. I think people get caught up in this 5 billion shares at 4 cents number as if it means anything more than a capitalisation of 20 million shares at $10 each.