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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Ed Ajootian who wrote (155417)	8/14/2011 8:24:12 PM
From: Amark$p	2 Recommendations of 206093

Scrubbed my numbers again and I come up with cash need of $4.5M, instead of $3M. Assuming 1,300 BOPD average for 3Q and 1,550 BOPD for 4Q, about 12% lower than analyst projections. Assuming $74 price realized before royalty and $57.72 after royalty for the next 6 months, which is similar to 1Q11. Hopefully, this is conservative as new CA production is at nice premium. As NNN would like to report more than a $0 cash balance on 12/31/11, oil price and production will need to be higher or more cash raised than $4.5M.

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