Lar: I think your calculations are actually quite conservative, though, with respect to the potential share price, if earnings per share are the driver for the share price, going forward. Because warrants and options neither vote, nor are eligible for dividend distributions, I believe that the issued and outstanding common shares is the standard denominator in that ratio.

Yes, my calculations are somewhat "air-bagged", because I´m a "conservative" investor. lol

But I agree, that neither warrants nor options should be included for dividend calculations. On the other hand, if production starts and the cash flow reports will be consistent, the share price more and more will relate to earnings multiples, meaning going higher. This would trigger at least some of those warrants and options to be exercised.

As I wrote in one of my earlier posts, XBR has quite a high Warrant and Option count compared to the issued and outstanding shares (49,1M I&O plus 33,3M Warrants & Options before the latest PP). But the good thing is, compared to many other companies with high Option and Warrant figures, that nearly all of XBR´s are NOT in the money.

Just in 2012, there are nearly 13,7M Warrants at $ 0.30 -0.40. If they would be exercised, that would be another $ 4,4M in the kitty. Maybe that money could be spent on the other two projects. But we need a higher share price for that to happen.

FANTOMAS