Bonanza Oil & Gas, Inc.(fka BGOI)

[texas tom]

I have studied the annual report for BGOI just released. Did you overlook the conversion of loans or debt (other than Truimph) into stock. Also, the issuance of stock for executive compensation. Finally, the issuance of stock to acquire assets. These items are dilutive. This means there is more than 140 million shares yet to be dumped by Truimph. It may be too difficult to separate the Truimph dumping from other dumping coming from the other areas. The conversions are made at .0025 per share. BGOI has very little cash on hand. Where will they get the cash to finance their operations other than dilution. Production was mentioned on the 2 Apclark wells. No numbers were mentioned. The Spraberry formation is too tight to open hole produce. I remain very optimistic.