re: News: Petsec Investment Spotlight - Terry... MnWith a best...

re: News: Petsec Investment Spotlight - Terry... Mn

With a best effort I still can't come up with where the cash is going to come from.

I am certainly not sure but one might suspect trying to issue enough shares to fund BG and GOM would entail making PSA truely a "penny stock". As I recall, the last issue did not appear to go well at all, IMHO.

One should consider also, perhaps, that now that PSA has given away 25% of "the farm" to get the wolf away from the door (near bankruptcy), who will be the new sucker that will loan them money?

BG? One might suspect that BG/CNOOC will not be depositing checks into PSA until 2013. Quite possibly later in 2013 than sooner.

GOM. One might ask the "boomers" in our midst to start a 5 year look back on PSI's dramatic geological exploration performance. Just from memory I do not believe the G&G group has changed, essentially, in 3+ years. Within that, what could we feel has happened now that would suddenly move us to sudden great confidence in this situation?

Call us "baggers" if you wish. I, for one, am simply trying to find a thread of substance that would justify the heralded calls for $0.33 breakout and $0.47 soon.

There still appears to be a systemic internal problem that has not been addressed. But then again, perhaps this is what is judged by many as what perfect corporate management expertise looks like.

P1