Mate the only reason development expenditure was high high in Q4...

Mate the only reason development expenditure was high high in Q4 2007 was because they bought up more interest in both the CC and Helper projects. The Q3 total expenditure was about $6 Mill so they have at least 2 quarters cash left + about another 8 Mill in the loan facility and on top of that a potential $2.5 Mill from expiry of options in June.

Remember Pato's bought $45 Mill of these at 90c ! 45 mill is alot of money for a company of this size and represented over 25% of their market cap.

So lets say they spend $6 this quarter and produce about
40mmcf per day which is easily achievable from the CC and helper wells.

1mmcf = 1000 mmBTu of gas @$9 thats $9K per and at 50mmcf per day thats $450 K PER DAY ! Even if we halve that to $225K per day thats still $20 Mill per quarter in revenue.

Insolvent you are dreaming ! Patersons isn't some 3rd class investment firm either mate they are privy to more info have better analysis than any of us can hope to be.