Thanks soly.

So they get to keep the remaining money from Buckskin $7 million we paid that they previously took $1.7 million from to pay a third party creditor:

“Remaining Completion Capital” means the Completion Capital that has not been expended on costs relating to the Buckskin Mesa Project as of the Closing Date.

the amount of the Remaining Completion Capital is $855,205

And we get the responsibility of:

“Beetaloo Payables” means all amounts owing by the PetroHunter Parties to contractors, creditors and all other parties in connection with the Beetaloo Basin Project up to a maximum of A$1,500,000.

(k) the Beetaloo Payables represents a true, complete and correct list of all amounts owing by any PetroHunter Parties to any persons in connection with the Beetaloo Basin Project,

Count on the maximum if they have a “list” already.

And they get the shares of FO stock to do with as they please:

the PetroHunter Parties directly or indirectly have control or direction over 26,100,000 Common Shares, of which 14,500,000 Common Shares are currently pledged as security for the Loan in accordance with the terms of the Loan Agreement;

Sorry but given how close this announcement came to the run up in SP around the 15th, I can’t help but be suspicious that PHUN was somehow involved. What if FO’s SP “spiked” to give them a higher price to short FO. It’s not a naked short if the shares are not restricted anymore. And if they hadn’t sold them before, look out now – they are out of money.

Can’t wait to have time to read the rest of it. Somehow I don't think there will be a CC with this months MD&A.