I listened to the webcast again, there were two callers that asked about drilling and Elmer gave the same answer to both of them which was to read the news on drilling (May 24, 2012)

OK, you got me there. Perhaps the drilling will begin shortly but there is still the matter of funding it. Where will they get the money for that? I will wait and see if they announce another financing soon. If they don't announce one soon ( within the month ) and proceed to tap EE for another loan or excercise of his options ( which is above today's market price ) then I will be even more certain that something else is in the works. So let's wait and see what transpires this month. Nevertheless, whether it happens sooner or later, imho, we will see a deal done sometime this year.