Demerara, you post an interesting question.

Why did MEO go down a path that required so much cash, when Bill and the boys could have brought JB#1 back on line, and then continued with the JB#3,4 & 5 without any partner having to put up more cash?

Aside from all the controvery over what the post-workover production rate was for JB#1, we know that is tested at 800bbls per day.

800 bbls per day @ $100/bbl is $80,000 per day. Even with a 30% decline over the first year , that's $56,000 per day, or $1,680,000 per month.

That would have saved shareholders from being hosed by all the new shares being issued, and Bill giving away 40% of MEO's ownership in the Morgan Highpoint properties to Nexgen for $2.5 million, or 45 days production from JB#1.