End of first quarter, well I must say cash position not as bad...

End of first quarter, well I must say cash position not as bad as I thought it would be.

1. Silverwood - 65 bopd very mediocre

2. Bullseye - still kicking but only just

3. Napoleonville - don't talk about it

4. FP, Bowtie, Padre Island - look at them next year

5. Permian Basin - Wolfberry play - very interesting, now we need some interesting partners to develop this one.

Cash in Bank around $3 mill

AUJ cash in Bank just short of $6 mill

Will we see a second Silverwood drill this year, possible but I suspect it will be on hold till VIL/PASS has some cash. Perhaps the partners will carry V/P for a second hole but I would be surprised.

I suspect now that Permian Basin will take centre stage and bypass GGE and VIL/PASS. I expect that some dealing will now be undertaken to farm out this prospect in an express manner, perhaps even a well drilled around Christmas.

My sentiment is hovering between hold - buy depending on partners taken onboard for Texas.