Trophy Resources Inc (TRSI)

[Wales Walker]

Sally - "Creative Financing" can mean a lot of things. In the case of TRSI, since they have no revenues,no balance sheet, and virtually no value in the stock, I would guess the CEO has found a way to finance the program on a project by project basis. That is, he has found a party or parties that like the underlying potential value in the leases/project he controls, and thus has been able to raise the needed funds in exchange for a piece of the deal. How big a piece is the $64 question. But I am impressed that he has been able to get it done without dilution, which says to me he cares a lot about creating and maintaining shareholder value. With the leases TRSI is sitting on, and apparently little debt, and a float of about 16 mil. shs, if they show anything at all on the first several wells, it should be .25 easy, maybe more. Hats off to Lowman - again!