Evening all,today I spent 6 hrs driving to see a friend battling...

Evening all,

today I spent 6 hrs driving to see a friend battling cancer.So plenty of time to think about GGP and the current situation with the notes and the forward drilling plan.

I received a reply this morning from Chris Ritchie to my queries on yesterdays announcement.Let me say I am now at ease with the way Steve Graves is representing the share holders of GGP.I have mentioned before that if I cannot put my faith in the leadership of Steve Graves and his decision making, what's the point of me being here,researching and placing my hard earned in his hands ?

I will say that our board and Steve along with Chris are determined to extract full value out of the Permian Basin acres, and the planned horizontal well.I beleive our first horizontal is the Ace in Steves hand and will play that card in the next 3 month's.I suspect the board know or at the very least have a very good idea of what lies below our 8,806 acres.This is why I believe a JV has not been signed as our potential partners were undervaluing our project.Look at the production rates around us,the $$$/acre being paid and the companies planning $billion futures in the Cline interval alone.

"lock in some encouraging potential acreage." are the words CR used when explaining our purchase of some new Permian Basin acres.Part of the $10 mill raising is to go to the new land and I again suspect that Steve and the board have a pretty good idea of what lies below and so, before the horse bolts,lets buy at ( eg; $350/acre instead of $3,500/acre )More about our land later.

We have seen once again today what these notes can do once converted into shares.Today was the 2nd lot of series 2 notes.So, we can see the pattern of the note holders.Drive down the share price for a better conversion rate.

Series 2 notes have ONLY 39,800,000 to go. lol

Series 1 have 18,200,000

Today
700,000 notes - 4,022,193 shares for .0087/share

29/6
200,000 notes - 877,193 shares for .0114/share


This is why I don't like dilution happening like this,we don't know the totality of the dilution ! On the positive side there is a way that the company can prevent this dilution with the recently ann raising.It's all hanging on the up coming horizontal and the company know it. A successful return ( I am expecting an IP of between 1,500 - 2,000 )and this will give Steve far more leverage in their JV dealings.With a success here and a continuation of our vertical production I think we will then see a deal done with a cash injection into the company.What terms this JV will be done at I have know idea but the board and Steve will then be able to prevent further dilution with the buy out of these notes.I honestly believe this to be the case and I expect the board and Steve to keep a lid on dilution as much as possible.Once our JV is signed and our programme is in top gear,dilution should be a thing of the pastThis is my interpretation only and not the words of CR's email

The company announced late last year they were in the market for numerous parcels of land. ( not the exact words used in the ann )With the announcement yesterday about buying a parcel of land and the previously ann 3D seismic deal, I wonder where the land is that they have bought already ? You would'nt sign a 3D seismic deal without having a parcel of land to survey now would you ? So do we have a new parcel of land already ? I think we do so who is in on this deal with us ? Laredo/broad oak ? our closest neighbour and whom have also announced they would like to increase their 3D library.

So there is still lots to like in the GGP story and, still some I don't like but that's the way it is for now.If this is the way we get full value out of my investment then so be it. I believe the board and Steve are doing their best for shareholders so I choose to hold so I can read the full GGP story.

THIS POST IS JUST MY UNEDUCATED OPINION AND BY NO MEANS INVESTMENT ADVICE FOR ANY WHO CHOOSE TO READ MY WRABBLE