1) Why has Athena failed to reach the 22,000 boe/d stated in the presentations of 2 years ago ?

2) With Athena production currently half of the original goal, is there any hope that current workover activities can get anywhere near that level of production ?

3) 2 Years ago the decision was made to raise approximately $158 million through the issuance of 93 million shares at $1.70 tanking the stock price from $3.00. The company continues to trade sub $2.00 - why has this capital not been deployed or returned to shareholders ?

4) An unsolicited proposal to acquire all of the outstanding shares was made last year which sent the stock price above $3.00 ? What is management's current opinion on what the company is worth on a per share basis and how do we reconcile that to the fact that the company trades below $2.00 ?

5) If management believes that the current value of the stock is in excess of $3.00 - why were options issued to senior management at $2.00 recently ?


6) Insider buying by management has been minimal during this time of low share prices - if management feels that the stock is worth between $3-$4.00 that would generate a return of 50-100%. Why isn't management eating their own cooking and buying stock ?

7) With production scheduled to average around 6,500 boe/d this year - down from previous years predictions of north of 10,000 - what impact will that have on cashflow and how much of a further draw will this be on the bank line

8) Does management still feel that funds are available for acquisitions up to $250 million ? What criteria does management have for acquisitions ?



Swing - with all due respect (and I mean that), most of these questions have already been answered.  Or the answers are so obvious that they are hardly worth asking.  Athena has been beaten like an old dog - they have been very clear about Athena - it is what it is - except it will last longer.  Why would someone waste time on asking anything about Athena.  Same for the $158 mil.  Same for management options and the buying of stock - I mean, do you really think you are going to pry out some information that is new?  I would be interested to know what the company thinks it is worth and the impact the lower than expected cashflow will have on the use of the various other pools of cash.