I watch rig count occasionally, but have no useful insight.

I'm involved in an oil discovery venture and soon, I hope, we will start drilling. We're seeking investors in our first JV.

In the past it has seemed to me that this oil venture might be a good way to get money to fund Hay Mountain drilling. It looks to be fast return, low risk, and astonishingly profitable.

The geology of the oil venture is interesting. Jim Briscoe knows of it, and has participated in phone conferences with the geologist who is the head of the oil venture. There are interesting puzzles about the geological structures containing the oil (pinnacle reefs).

As far as I can recall nothing was ever posted by Jim or me to give any holder of LBSR a reason to think anything of significance was happening. We talked geology, understanding that the oil might be a good source of capital for mining, but it did not go beyond that.

Brett Gross knows of this, but far as I know he has no interest. I'm not saying Brett should be interested. He and the new board may have far better ways of getting the needed funds. I know nothing about that.

I've thought of investment in the oil venture by Hay Mountain enthusiasts as if it would be like using the gravity of the Moon to gain speed to go to Mars, where the oil venture is the Moon, and Hay Mountain is Mars (lots of room to have fun with that :-)

Probably pie in space.