RE: Interim Financials & MDA on SedarI hope Neil knows what he is doing in Nova Scotia.
Personally I think it is a desperate move to sign on with a company like Orca Power in order to hold on to the Nova Scotia Lake Ainslie property. I would have preferred he had walked away from Lake Ainslie and preserved or used the cash in New Brunswick.
With the latest financing we now have 86 million shares(fully diluted) outstanding. It seems to me it was 43 million not too long ago. Before we know it we will be in the same boat as Contact Exploration with 170 million shares outstanding.
As I said when I first learned of the Orca Power deal. I am not impressed!
Yorkblue
Nova Scotia
PetroWorth is required to spend a total of $4.5 million over a period of three years on its Lake Ainslie property, of which $1.5 million was expended in 2009 on a 66-kilometre 2-D seismic program. Preliminary interpretations of the data have identified four promising drill targets. It is believed that the eastern side of this property is mostly oil prone. During the quarter, the Company began the permitting process to drill a 1200- metre exploration well on the Lake Ainslie Block property.
In addition, the Company commenced preparations to drill a 1200-metre well on its Lake Ainslie Block property in Cape Breton, Nova Scotia. The well is scheduled to spud in late November. Subsequent to the quarter’s end, the Company signed a Letter of Intent with Orca Power Corp. whereby Orca Power would acquire a 50% working interest in the Lake Ainslie Block property for a total consideration of $1,500,000.
PetroWorth has satisfied all exploration working commitment under its exploration licences and agreements except for $3,000,000 in Nova Scotia and approximately $1.2 million in New Brunswick. Under the Exploration Agreements 04-07-15-01 and 04-07-15-03 in Nova Scotia, PetroWorth has to complete exploratory work commitment of a total of $4,500,000 over a three year period of which $1,500,000 was completed in 2009. The Company has commenced a seismic program on its Sackville property to satisfy its obligation in New Brunswick. PetroWorth has commenced preparation to drill a 1200 metre exploration well on the Lake Ainslie Block property in Cape Breton, Nova Scotia. The Company is actively seeking financing as well as farm-in partners to participate in future exploration.
As of the date of this MD&A, the Company has approximately $3,265,000 of which approximately $2,883,000 are flow-through funds to be used for exploration purposes and approximately $382,000 are available for general corporate purposes.