The loss per share will keep getting lower. So not a great...

The loss per share will keep getting lower. So not a great measure of a companies performance. The loss is spread over more and more shares.

The argument for buying now is you get those accumulated lossed for about $8mil. You couldnt drill four verts and a hori for $8mil. Even if they perform below expectations, that money is spent now. So anything above opex is a profit. And we have a risk adjusted valuation of the leases.

But you MUST take into account further dilution. The notes WILL get converted. Lind may get trminated, but ST they will continue to dilute monthly.

But 6 producing wells will start to earn money. Debt secured against that revenue may become possible.

Im not expecting much from the first wells. They were shut in too long. If they were gushers we would have sold our left arm to get them into production earlier. But I think they will generate steady income and we will learn from them.

How Lind is dealt with will be important. Nice gesture to forgo shares this tranche. Is it a precedence? When will we terminate the deal and how much damage before we do? What alternative will be put in place.