RE: Should have been!Sand you are probably close but one thing you forgot is the fact that the cost for the pilot has come way down. They may be able to finance this themselves if Nat. gas keeps going higher. They have from now until 2011 first quarter to have pilot running. Short term debt would seem to make the best sense at this point. They may have anywhere from 7 million to 40 million dollars by the end of 2010. If they get production up to 2000 barrel equivalent with Nat gas and other condenstates then they will pull in around 38-42 million in one fiscal year. They are still drilling many wells this fall. They need around 20 million for the pilot.
Toonboy