> Did Falcon really not use the money as they stated they would. If anyone can clarify this matter i would appreciate.

Well I'm no longer a FO shareholder, but cant resist taking a peek at the board now and again :)

This should answer your question. It's in the April 2008 MD&A

As of December 31, 2007, and the date hereof, substantially all of the proceeds from the December Offering are being held by the Company, with only a minimal amount having been expended by the Company in accordance with its disclosed business plan of operations. In light of the ExxonMobil transaction, the board of directors of the Company is in the process of considering a reallocation of the remaining proceeds of the December Offering with a view to the best interests of the Company.