>Anyone have a comment on the new presentation?

As you all know, in phase-2, during the 'Appraisal Work Program' Falcon still be on the sidelines. However they have 100% ownership of the geological zones above 2800 meters, the Algyo formation. Falcon has development plans for this zone, and that was the purpose of Falcon's fund raising this past summer.

From the June 12 2009 Terms of Offering:

“The net proceeds from the Offering will be used for development activities on the areas covered by the Company’s Hungarian exploration and production licenses, as more particularly described in the final prospectus.”

Exploration Licenses: Under the original Exploration Licenses, the Company retains 100% ownership in 330,000 acres which are outside the boundaries of the Production License. The Company also retains 100% ownership in the portions of the Exploration Licenses which are above 2,800 meters within the boundaries of the Production License. The 330,000-acre area outside the Production License and the shallow depths are not part of the Production License.