I'm sorry all but I can't understand the doom and gloom. They...

I'm sorry all but I can't understand the doom and gloom.

They brought out the partner in Birch for just under $ 4000 USD per acre, nobody pays for something unless there is value in it, this alone makes our birch acreage worth at least $ 20 mill conservatively maybe as much as $ 30 with no more drilling. That is almost 55 to 70% of the present CV for a this asset as is, any more positive news and the value only goes UP !!!!!.

I don't believe that there will be a CR, yes there is a need for cash as we only have $ 4 mill + left, but I think the key to this ann is the new paragraph "DE-RISKING" by proving the acreage in both projects they are creating something that is Bankable. Perhaps they can borrow the funds for the next EF Horizontal well, it would only be circa $ 6 mill and they say the vertical is flowing at 20 BOPD, from a confirmed thickness of 270ft, this flow rate could increase exponentially and be way up there once this has been converted to a Horizontal and fraced.

If there is a JV, because the projects are de-risked surely people will be prepared to offer far more for less, and who's to say we don't get some past drilling costs on the Birch that can be then used on the Pathfinder.

I have read this announcement a couple of times and can't be more excited, IMHO this is shaping up to be the winner that RC has alluded to and patience will be rewarded.