Although I don't like the idea of not drilling I can wait for NOT or PRB to drive up the share price to $3 or $4 with their drilling and then FNC doing a PP to raise $10 million or so. $10 million would let us poke enough holes in the property to determine if there is anything there. As you note if we go for one shot one hole 'Hail Mary' drill program and miss we will get battered in the market. With money in the bank to do lots of work IF we miss at first, we can ride out a dip and keep working. I just don't like the idea of giving up a lot of upside before we drill. 5-10% dilution I wouldn't blink at. If it was a JV with NOT I'd rather just buy NOT.

Everything I see about the property and immediate surrounding area to DE1 points to this being a great play. I for one am willing to let my dollars ride on FNC. I do however understand and appreciate that others have different risk tolerances and investment strategies.

.... Been There

... Rob