the bakken update: small caps, part vi , page-2

Thanks footy. This article makes a point about the cost of our Montana leases being unknown but in the just released Q-10 report a figure is actually mentioned.......


Trends and Events in the Three Months Ended September 30, 2011

Exploration Activities

"In July 2011, we completed the initial acquisition of 20,000 acres of leasehold in Roosevelt County, Montana for approximately $3.5 million. We retain the option to acquire a further 20,000 acres which has been leased and is in our control (tranche 2). This acquisition will be evaluated with a two well drilling program..........."

This works out at $175 an acre which seems a steal to me but there may be more to this than is presently obvious.

I'm also wondering If Terry is giving serious consideration to buying back any of the leases that Cheapskate are selling. At " mates rates " maybe.

Tomorrow's expected announcement should be a beauty with 3 well updates at least

- Defender ready to go tomorrow

- Spirit Of America hopefully around the lost drill motor assembly and through the first target.

- Australia II may have started drilling by now as the rig was due on site last Thursday or at least it's ready to go this week.


OMR