Regarding a share buy back. I've been investing in the O&G industry for over 20 years. Probably the most important fact that I've learned over the years is the importance of sufficient funding. Yes Qec for there size is for now well funded. Another fact is that exploration companies generally spend more than there budgets. A cushion of $20 million may seem like lots but that can change quickly and burn rates due to many factors can evaporate that cushion in a hurry. At this point having appropriate funding is of the utmost importance. One of my largest holdings is with Oilexco. They are many years ahead of us and are considered a mid-tier producer. They have major discoveries, in fact their Huntington discovery is considered the largest North Sea discovery since Buzzard. In order to bring this discovery to market they will need hundreds of millions for development. Well last Friday the Royal Bank of Scotland dropped the bomb. Their previously negotiated 1 billion dollar line of credit is in jeopardy and Oilexco is now forced to seek alternatives which needless to say the stock got hammered. RBS simply does not have the money to lend them!

Please don't take this an insult but a $5mil or $10 mil buyback at this point would do nothing except weaken our cash position. Wait until we have a wall of cash flow coming in before even considering a buyback. Without appropriate funding we will be going down the same road as Falcon oil&gas and god help us then.

Good luck

Mikee