Nope, can't say, but if you have read my posts for past weeks, my feeling from the constant and consistent dumping of 100 or 200 shares from GMP every few minutes all the way down to $1.20 and then settled off for a while, indicated to me, something is cooking. The SP spiked up again after the conference in London and now we seem to be drifting again.

I believe that CGX have to commit certain exploration expenses this year on certain blocks inorder to maintain their 100% ownership of the claims. If I'm mistaken, please let me know. However my feeling is, that seeing as the Saratoga will have completed the Eagle Shallow in perhaps 1 month, CGX will probably want to keep it on location and probably can use it on atleast 1 or 2 other leads. Now, if ES is a duster our SP will be hurt, how much, who knows? If it is a success, fantastic, we all win big time. So we are in a difficult position of doing a financing now and securing the funds to ensure we can really know if this basin has the goods, as the SP has been performing quite well and is strong, or do we wait and pray that we hit on ES? Granted a hit on ES will result in a much less dilutive financing, but a duster will result in a much greater dilutive financing, if we can get the funds.

So I'm predicting a financing somewhere probably around $1.20 and I think it will be to finance drilling 2 other wells with the Saratoga in 2012. If we have just 1 successful well in 2012, we will probably never again need to do dilutive financings.

I will never reveal my sources at Canaccord, so take it with a grain of salt, just rumours. However I manage my Mother's finances through Canaccord, so I am connected, and my Mom does own some CGX, especially in her TFSA. :)

Skier