Maybe Peter used the $2 million raised in stock offering as a down payment and will pay the balance from cash on hand in installments hoping for some flow from the wells before the cash on hand runs out. ( even money).
Will anything good happen between now and the end of the extension (March 14, 2012) or will the share price continue to decline?
The post above is just my humble opinion and may be TOTALly wrong, however you may find some humor in it.