Earnings

[Getitrt2]

As good are 1. The announced drilling plans; Raptor, Wahoo, new Bobcat (between EA and Tri) and other prospects to meet license requirements. 2. With the pull-back on cash expenditures their unrestricted cash is of course down, but nowhere near what fear-mongers were projecting. Hession has come in and taken hold of the reins.

Cash is down and they used almost all of the August secured loan available for drilling ($34.6 of $37.5 Million), but the entire $80 million non-recourse and $87.7 of the working capital loan is available.  They will not run out of cash before the monetization of E/A announcment by year end.

To that end, there is no timing commitment for the planned wells other than the well with PRE, now announced for the first quarter.  The sooner a selldown agreement occurs the sooner the drilling starts.  That said, until selldown we can't expect much activity on the ground as there isn't much cash available and the new financing doesn't kick in until the PSA occurs.

Art, what makes you think the new financing doesn't kick in until the "PSA" (SPA) occurs?  From the MD&A:

" Subsequent to quarter end, on November 11, 2013, we entered into a $250.0 million secured syndicated capital expenditure facility led by Credit Suisse AG related to the approved seismic data acquisition and drilling program.  The facility is secured by our EXISTING Upstream and Corporate entities. The facility bears interest at LIBOR plus 5.5% margin on the drawn amount for the first six months.  The facility is payable in full (within a certain timeframe) upon any sale or disposal of our interest in the Elk and Antelope fields." 

It seems to me they can start drawing on it as soon as they need to.  Again, probably more clarity tomorrow, but it seems to me that you are intent on putting the worst possible interpretation on most things.