General Meeting wrap.

In my opinion, today's General Meeting was a success.

Despite there only being 3 shareholders there, it made for a much more intimate round table discussion and I am very pleased that I went.

The meeting was chaired by Brian Mcmaster along with Jonathan Hart and another girl who's name I did not catch(apologies to her). Obviously all resolutions were passed and it was only when the formal parts of the meeting concluded and open discussion started that we really got a good sense of where Wolf Petroleum is actually at.

I have listed the main points in dot form and are in no particular order:

* Brian reads HotCopper.

* No director has been paid for several months now and the cash burn has been reduced to an absolute dribble.

* Given the zero cash burn and current balance of around half a million dollars, there are no further capital raisings planned....or expected. Certainly not for the foreseeable future. Asked whether we could last the next quarter, Brian's response was: "We can last a lot longer than that".

* Discussions are FAR MORE ADVANCED with a Chinese Company than any of us probably realise. I don't know how far to elaborate here. Naturally nothing was said at the meeting that is market sensitive and the company has already stated in the quarterly that it is in negotiations, but to hear in a little more detail how things have played/are playing out, gives this particular shareholder faith that it really is a case of 'when' and not 'if' a deal is done. In fact if I had to lay a punt, I would say that documentation for either (or even both) the last cap raise and/or today's general meeting to vote on performance issued shares, was organised at a time(s) when a positive announcement was either anticipated or even expected.

* Negotiations with Chinese have to be done with extreme care and patience but that patience should be rewarded.

* Such is the enormous holding of all the directors (over 100 million shares), even a takeover offer of 10c would be laughed at and blocked. Do not expect an opportunistic bid from the Chinese any time soon.

* 'It is thought' that oil price sentiment aside, our share price has been belted to within an inch of its life largely thanks to the indiscriminate selling of one group of holders. On the assumption that it is this group of holders, it was asked whether they have any stock left. Apparently they have either completely finished or one of them has a very small holding left. This holders actions indicate a philosophy of 'If I can't make money.....then no one will' and once he/she is gone (if not already), I believe the foot will finally be released from this companies neck.

* My favourite line from the meeting was in closing when Brian responded to the next catalyst with the Chinese.
His remark was: "Well they've either got to piss or get off the pot".


Having heard everything at the meeting, I now consider risk to be HEAVILY weighted to the upside.
Battaa and the team over there are living and breathing this story on a daily basis and collectively have over 100 million reasons to make it happen.

Will they make it happen?

In my mind it may take a little more time, but I have absolutely no doubt whatsoever.






* This post is my opinion only and should not be deemed as investment advice.