Whether it's $40mil or $95mil, I think DB believes he can raise...

Whether it's $40mil or $95mil, I think DB believes he can raise the funds. In 2010, $25mil seemed like a lot, and they were just drilling a hole to pull something out, with none of the added value of putting something back down. I wouldn't go counting MMR out of any of your equations Justadabble - there was a reason that DB fought to get back on the MEC board, and there is a reason he is pursuing the PDF status. MMR, BPH, GBA and Advent Energy investors were a winning combination in 2010 (for raising capital, not for the outcome unfortunately).

Got to think big picture here. When PEP11 is approved (I hope and pray everyday; don't we all?) and BPH SP goes up 30c - 50c or more, I believe MMR coming back on line will also go up similarly especially if it manages to retain PDF. Then if DB does an IPO for Advent Energy, surely it's fair to say it could go for around $1 per share or more. Couldn't three companies, one hopefully a PDF, manage to raise $100mil at 50c? Why do you not think it is possible Flambeau, if SPs are going high?