My guess is that WHN don't have to have the money (they have $...

My guess is that WHN don't have to have the money (they have $ from recent raising and will have $750k more from oppies and starting to get a trickle from gas and oil sales), but typically they like to have something up their sleeve in case opportunities present themselves. With the recent placement they have got to their 15% limit of new issues without going to shareholders. The may not issue/place the shares/extra options, but in my experience this is a way these small companies manage their capital requirements.

Example might be, if they "accidentally" find some more gas, they may want to spend some bucks on putting in infrastructure or something to get the stuff to market.

All opinions and conjecture