I fired off an email to I.R. Didn't get answers to more pointed questions I asked but the reply below is as of Feb. 7/12

In the Company’s press release of December 21, 2011, they provided an update on the JV process saying...”the bidding process has closed and management has reviewed and clarified the received bids. Discussions are underway with prospective partners with the goal of concluding a definitive Joint Venture agreement or agreements.” As I’m sure you can appreciate, that is a time consuming process and that there are no guarantees they will be able to reach a definitive agreement. That said, the Company will inform investors via press release once the process does conclude one way or the other.

The rig the Company sourced is still on assignment in Germany. Once the rig is released, it will be mobilized to Albania. Per the December 21, 2011 release, it is management's expectation this will happen in the first quarter. The rig will mobilize in conjunction with the completion of well site preparations.

From a practicality standpoint, it is management’s intention to make some progress on the JV front prior to the spudding of the first well. That said, I believe they would consider JV options regardless of the outcome of the first well provided it made sense for the Company and shareholders and accorded value as appropriate.

Best regards, Nick Hurst