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Sunday, June 10, 2012 8:27:34 PM
If they hit oil and the warrants are exercised they have $15M cash from the warrants and don't have to raise money to keep drilling. On the other hand, HENC won't have money because Terra Nova will be taking all the well revenue to recoup their drilling costs and HENC will have to keep raising money to drill additional wells. At that point I see HENC as the more likely diluter having to raise money.
I did the math and came to the conclusion Terra Nova is the better investment if they don't go crazy diluting.
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