MNP Petroleum Corp. (MNAP)

[gpg]

In looking at the 9/30 10Q, there are 119M outstanding shares (300M authorized). Not included in this total though are warrants and options that could be exercised at some point. You'd have to work through the details of these items individually to determine the impact. For example, at 9/30/09, there were almost 12.5M shares under option outstanding. However, about half of these had an exercise prices close to $4 a share. The other half (~5.4M option shares issued this past year) have a exercise price of 35 cents. So of these 12.5M option shares - you'd expect about half to be exercised. It looks like as of 9/30/09, the company had ~48.4M warrants o/s to purchase one share of MNAP. The warrant situation is a little complicated. A lot in the passed have expired unexercised, but it looks like the strike price for a lot of these warrants is 59 cents. Given our current price, I'd expect the warrants that are in the money to be exercied. Positive - cash in the bank - negative is obviously a higher o/s share count.