NBB - I agree with a lot of your points. It is especially good to finally see some insiders other than the big guys put some skin it. 

"The large question is this recent financing an indication that a large deal with a BP is quite aways off as discussions are still going on and on and on with no close negotiations with a finalized partnership deal."

I wouldn't read too much into this latest financing toward deal timing as on January 31 (latest report), RVX had $9 million in payables and no cash. This new amount is so small compared to this that it could be just enough to appease their creditors enough to keep going. They haven't raised much since Jan. 31 and have 6 1/2 months of everyday expenses since so the payables might be a lot larger now.