Study,At this stage of the game my preference is JV over both...

Study,

At this stage of the game my preference is JV over both debt and dilution. Getting the most out of the money in the bank is critical. We don't need to lose all our acreage in the JV just enough to keep the company moving and growing in the next 5 years.

The other positive side of a JV is availablity of crew and services. We have seen how long it takes a small company like SSN to drill and frac wells. With a JV and in particular a HAL style company services available to them will allow SSN to quickly churn through new wells.

With the extra money available in the bank Terry can focus on further projects; Rinse and repeat the process, exploring and developing thus producing depending on cash levels on our own or JV.

Once we have a constant stream of revenue then ether or both debt with revenue able to pay the interest and principle or dilution with SP at a much higher reducing the dilution affect.

my 2c.

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