Eagle Energy Inc T.EGL.UN

RE:RE:RE:Spyglass looking to sell ..

[JReynolds]

I believed you put an 'Ignore' on my Profile earlier. Apologies for the late reply. For starters, EGL still has the support from the banking syndicates. I think the credit facility was renewed last few months and had the maturity date extended with the SAME conditions, in spite of the oil price scenario for the present moment and moving forward. So I will leave it to them on how to acquire further assets which are boe-accretive - it can be from a combination of issuing more units or via getting more loans from the banks. The management were ex-bankers, I trust this to be a good quality that would be of great help in this environment. I need to correct something here. To be specific - EGL had over $40M of debt as of June 30, end-of-second-quarter. NOW, I think they should have around $70M of debt because of the acquisition announced last month,... if my memory serves me correctly. I would support an acquisition if it is boe-accretive and if the price is a real bargain, after confirmation and all due diligence has been carried out by the management.