You want to sleep tonight, think about this. With all the property held directly and thru JV, what are the ODDS that NOT will NOT strike some more/greater tonnages, AND, that no other area play will strike significant tonnage. You would not take that bet except at great odds,and that is why you own NOT. As well NOT has the critical mass to be a major or controlling partner in any significant development. So, the chances of your $4.20 being at major risk are quite small. From a risk/reward view, you are pretty much getting a free ride, all other things equal. The really big risks inherent in many situations are not there, and you have only two: Tonnage, and commodity price economics.  If you look at recent JV's of say BHP, for example with ANGLO, Richard will nave no problem getting $10 or equivalent on the next issue as long as the current drilling is successful. The really big boys are cash rich and will make you an offer you cannot refuse to avoid being screwed by the venture capital guys. There is a balance that JPM will bring to the situation and RN is to be applauded for bringing them in early. He is obviously well positioned for the current round.