I am in total agreement. The work required under the original JV agreement included $2 million in expendatures plus quarterly payments. Some time last year I sent an email to PRB and asked specific questions about the original deal but did not get a reply.

I really don't know why PRB haven't gone to an arbitration board to get some resolution. Despite a direct requirement to provide details such as an accountability of expendatures to cover the $1 million requirement over the length of the JV I do not believe Dave has had much success in getting data which supports LSG's stance that they have fulfilled the requirements. And now we have a geophysical program to direct drilling which I assume PRB will contribute $0.45 of every dollar. PRB will be paying 45% of everything, geophysics, drilling, lab work, etc.

This is an extremely muddy picture and there seems to be little will on the part of LSG to do any work on this property. The question is WHY. Of course they,LSG, have been drilling the immediate area for a number of years and know substantially more about the geology and mineral potential then PRB. The answer to the WHY is really not a difficuly question imo.

mh