presentation: it's about oil, page-15

Just be very careful with accusations, some punter clearly know me personally and it is defamation.

How long do you expect them to be able to retain and fund high priced leases that are increasing at several hundred % p.a. in prime eagleford territroy if they do not do the do the drilling required to retain the lease, and do not generate the revenue streams to pay for admin, development, leasing obligations. Yes $20M is above 15% rule, but no one said its got be doen all at once.

The real fact is even with the super conservative plan they have, they need capital and an operator, or a competent farm in partner.

Until they have that it does not warrent the rediculous price it currently holds. I really hope for the punters in it, especially the ones that have recently purchased that it holds value or increases. But it seems to have a big premium built in for no apparent reason.

I cant see that lasting.

Good luck to all.