Indeed. On a per section basis, it appears the land has been...

Indeed. On a per section basis, it appears the land has been acquired cheaply. However, an examination of the actual geographic positioning of the sections leads to a vastly different conclusion.

The reality is that there needs to be some arrangements in place so that MKE can off load some of the very lonely acreage or swap to allow better consolidation. Many of the blocks are basically worthless to MKE but would have value to other entities.

It would seem extremely problematic for TSV to raise the funds for any drilling program. It will be easier, though not straight forward for Mako, to fund its' share.

Logically, consolidate the current producing field and use this to fund development over 2013 and 2014. In the nearer term, continue to attempt to "do a deal". My view is that all shareholders (including directors) will be much better served by farm in agreements, or preferably, sale with an ongoing stake in the land similarly to the deal just done.