Nah, Its way higher I think. A million is not bad at all here though. 120k a year on interest will not be much once the pumping starts in August.
Plus now that the partners have a stake in the field, its a nice safety net against insolvency. Worst case is a loan to pay off debt holders or issuing shares.
I was under the impression there had been continual shares issued for the last few months to cover debt, but the dilution was not as bad as I originally thought, though the debt is higher than I though.
At this point I would much rather have the debt than issuing shares for this pittance of a price. If wilmont is smart he would wait until at least .10 or .20 cents to even think about issuing shares to cover that debt, if he even has to, Eagle should be able to service the payments in a few months. If SE is even in the ballpark about his estimates, there wont be any need to issue shares, could pay the debt off in months. So far SE has shown more knowledge about the field than anyone, Plus he is in for a ton of money so far, im very comfortable here.
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