On the financial statements, they were losing money (so far this year net earnings loss of 2.02 million (-0.01$/sh). This loss was mostly related to a single derivative contract which expires on October 31st. However look at what they have done to date. They are producing in Antler and Vulcan and Beaver River. This generated a cash flow of cash flow of 9.08 million so far for 2008. Predictions are to see this revenue increase. Remember that royalty rates are lower in Sask. (5-10%) so their continued development will result in more $$.

The pp raised 75 million with the expectation that this will fund the projects in the Antler region and the Quebec Lowlands for 12 - 18 months. It was not to pay down debt. Knowing this information (all of which can be found by doing your dd), another pp is not in the near future. When it happens, because they will want to develop the Utica once it is finished being tested, then we will see imho another pp (and the sp will be higher and hence less dilution).