I too have risk tolerances..... The difference between a bet and an investment is risk..... and the amount put at risk.

A bet involves a small amount of cash one is willing to risk for huge gains.... and on the opposite side of that is total loss of the bet. The lotto ticket.

Investments are usually a much larger wager, that has reduced risk and still retain upside potential.

Untill FNC minimizes some of the downside risk by either raising significant cash prior to drilling, taking some NOT paper in exchange for a part or all of the McFaulds property, I view FNC as a bet....

FNC's market cap is about 75 million...... that is a huge bet for managment to be taking with shareholders precieved value of the stock. That bets risk can be reduced if there are suffecient funds on hand to continue work should a direct hit not occur on the first go..... Minimal dilution of 2MM + 2MM wts would fulfill that criteria..... and this would change FNC to an investment rather than a bet.

PRB has done just that and thus I am weighted higher there as should the close proximity properties not yield the desired result, PRB has suffecent funds to ramp up the Victory project without any further dilution...... In spite of that my preference would be to sell those 3 properties to NOT for NOT paper... thereby eliminating the risk and retaining the upside potential.

JMHO