Hi All,

The reason the sp is way lower thatn it was before pod 1 was online was cus of dilution and debt, back then although there was no production to speak of the there was little debt or nodebt and number of shares were less than halfe. 'Mrs". market was betting on the quality of proved management and the higher possiblity of success. now we are burdened with 1b debt and 500m shares,the slice is thinner and the debt heavier.

If JV failes and no buy out happens can Dick cancel current debt and get an other long termdebt with lower interest cus we have very low interest, this is not to finance expansion,but to whether as he likes to call it or is he tighted to this heavy debt, this way we can incremtly fund from cash flow paying less interest and then proceed with his sweet oil expansion, instead of doubling production from oil sands, double it from sweet oil and if we are lucky in 2 yrs nat gas price will go t 5 and then make money from there as well

Believe