No its ok see below, although it does not sound real good.This...

No its ok see below, although it does not sound real good.

This is from April 10

Cutlass - Eagle Ford Project

Construction work on the access road, drilling pad and water supply well for the initial test well on the Company's Cutlass Project in Dimmit County, Texas (the "Initial Well") is nearing completion. The operator has contracted a rig for a two-well program to test each of its "West" lease in Dimmit County and its "East" lease in LaSalle County. The drill program is intended to target the Eagle Ford formation.

The Company has advanced just over US$2.1 million to the operator to meet its financial commitment to drill the Initial Well. Project initiation is expected late this month, as soon as the rig is released from its current drilling commitment. It is expected that the drilling of the second well will commence once drilling of the Initial Well is completed.

The Company owns a 30% working interest and 22.5% net revenue interest in the Cutlass Project, which is completely surrounded by property under lease to Anadarko Petroleum whereon it is actively developing the Eagle Ford formation. The Cutlass Project has the potential to support up to 28 drilling locations targeting the Eagle Ford formation as well as the potential to develop additional cretaceous horizons productive in the region.

Acquisition Activities

The Company terminated the previously announced non-binding Letter of Intent covering certain acreage in Reagan and Irion Counties, Texas, as a result of issues arising from our due diligence investigations.

The Company continues to investigate other acquisition and joint development opportunities and will report should it reach a material agreement in principle.


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