..."Noted. It is your opinion although I think the PHUN farm-in may produce a surprise in North America while the australian project is a long shot and very similar to the Mako project and a cash burner..."

Luxenbourg, you seem positive about Falcon's PHUN JV. In the 10 Nov 2008 press release, falcon announced a carrying 50% of the work to get only 37.5% of revenues. This does not seem like a good deal to me. 50 for 50 or 37.5 for 37.5 I can understand.

http://www.falconoilandgas.com/relea...

" that it has closed the transaction entered into in August 2008 to acquire a 25% working interest in five wells located within PetroHunter Energy Corporation’s 20,000 acre Buckskin Mesa project in the Piceance Basin, Colorado. Under the terms of the agreement, Falcon is depositing US$7 million into an escrow account to be used exclusively for a testing and completion program on the five wells. After evaluating the results obtained from these tests, Falcon will determine whether to exercise its option to acquire a 50% working interest (37.5% net revenue interest) in the entire Buckskin Mesa Project including the five wells."."

db