Sorry, they committed to funding 2.9 million, and in a quarterly report issued March 2007 said there was a balance of 2.3 million.

If they spent 600k per quarter then the Elle JV is out of money, too. But their expenses were mostly for exploration so it could be significantly different from a quarterly "average."

Xstate raised almost double the capital they needed for the Elle JV, and in their filings note that they have funding for other ventures. I wonder if they would continue to pay for drilling at North Pipes, under a new deal, or walk away after spending 2.9 million on drilling and finding ZIP!