Energulf Resources Inc. ENGFF

Well passport, that is certainly one way

[Beenburned64]

to look at this development. I would suggest looking at the flip side which is, yes they are doing some dilution, but from a small float. In this climate you do what you have to to get capital. They are trying to raise a fairly large pp which tells me they have some busy times ahead with Lotshi and 1711. I don't think they would be doing this unless they are pretty close to some kind of deal with a partner. I will take the dilution if it means actually drilling and advancing development of their blocks. Beats sitting around and twiddling your thumbs for a few years and saying, yay we have a small float.

The reason this company exists is to drill for oil, now they are taking steps in the right direction. The end game is to hit oil.