Sharky:

You are right. In the situation we find ourselves in, one might think all of these misteps were deliberate so as to attain absolute control of the corporation at minimal expense by virtue of "insiders" being exempt from dilution from ongoing financings. Though I am not stating such, it does cause one to pause and ponder. Certainly when you say, " since a year ago many things have changed the outlook", you cannot be accused of overstatement.

Everything with Connacher seems constrained and in a state of constant question. Can they get their act together with respect to Pod One? If so, what will be the incremental capital cost? Can they going forward with Algar, learn from their mistakes in the execution of Pod One and thereby avoid duplication of errors made on Pod One? In further developments, do they intend to utilize dilution as the means of financing capital requirements? If so, then top management will likely gain unblockable control of the Co. And therefore, gain complete autonomy from being answerable to anyone. Including shareholders!

Actually, in the cost structure, there are two critical elements. What will be our ultimate production costs going forward including capital amortization? What will be the price of oil? The answer to the first question is only partially within Connachers control. The answer to the second question is totally beyond Connachers control.

The bottom line? It is absolutely critical in order to serve the logical interests of shareholders, that there be a high degree of clarity in where the Company is going and at least in broad terms, how it plans to get there. Unfortunately, both issues which management does not address with any degree of clarity. Such a position does not encourage confidence in ones investors!

Brian