placement, page-11

@all - this is a good thing, as I stated in prior threads, I felt they would either JV or takeover a smaller drilling company to obtain multiple rigs.

at 70c/share and 50million shares, they could easily afford a smaller drilling company and thus accelerate their production rates.

if not, could be lease acquisition but I highly doubt it for the following reason: Leases have previously been fairly cheap (payable with debt facility), Production rates have a 200year life on current leases and finally a takeover could potentially give them a lease or two (perhaps they had some in mind).

Finally, a capital raising for expansion purposes, is not a bad thing, and given the trend of this stock, a cap raising could be done at above todays price, due to the fact that the investor could not of purchases 50million shares on the market easily (daily buyer volume approx 3million?) thus they are simply betting that the 30+ days it would of taken to accumulate, pushing prices up etc, the price would be above the capital raising price.