Firstly, the numbers I was knocking around were back of the...

Firstly, the numbers I was knocking around were back of the envelope and one factor I didn't consider is the principle that a Barrel or Oil doesn't deliver the same cash as a Barrel of Oil Equivalent. So, the numbers are likely to be overstated (despite being pretty aggressively discounted).

Anyway, the bit that I have in the back of my mind is the choke size of 1/64 which is producing 211 barrels of oil per day at Pathfinder. I can only presume that opening the choke will likely increase this production (and assuming 1/64th is correct it is reasonable to assume the choke can be opened considerably wider than it currently is) - combined with being put on pump to regulate flow and pump capacity at 500 barrels of oil per day I guess I am of the view that production at Pathfinder will only improve (obviously we have no idea about decline values etc).

Just my two cents ... we are approaching a pretty interesting period where the company essentially needs some sort of bridging finance to scale up oil production to the point where it can become fully self funding. I wouldn't rule out other non-dilutionary funding mechanisms. I think a CR is a soft option here as this entity is an income producer and no longer a pure spec play. As I have mentioned in previous posts, convertible notes or bonds, oil loans etc ... plenty of alternatives here especially given the liquidity swilling around US financial markets at the moment looking for a home. I'd personally be a bit dissapointed to see a CR as it would suggest a lack of creative thinking / negotiation skills at the management level.