I would think that this will be something that gets announced next August, IF it is going to happen at any point in the next 18 months. If I was in charge of anything at the company, I'd want to drill as much as possible this winter, to increase the defined resource. That process would mostly take place after December 31st, so it would be compiled in the spring and GLJ would release a new reserve report based on June 30th, 2011 resource analysis. That info would come out in late July, and would hopefully be another upward revision from current levels. Don't expect the same percentage increases as the last few years' updates though ... even hitting big "pay dirt" will lead to smaller percentage numbers. But that is semi-irrelevant anyway, because the increase tonnage will be what matters to the bottom line. Anyway, they would presumably be better off with "more proven assets" when it comes to a refinancing? In which case, waiting until after June 30th would be smarter than doing something in the spring?

Of course, if something came along in the spring with favorable numbers, there would be no point waiting until the late summer. I have no doubt that this is an issue that the CFO is continuously thinking about.