The only tings I consider a major risk as they go through 2013 to their 2800bopd minimum exit target is the reference to renegotiation of  several freehold royalties. They don't seem to define as major risk in MD&A and i presume associated royalties will not be subject to any or a significant increase. Anyway the NORR's it seems are likely to lower as new wells reduce this royalty in at least first couple of years offsetting any such potential for other royalty increases. So, this risk seems hardly significant after all (guess I am thinking out loud).... so I bought more at these levels even. 3c cfps last qtr and while integration of recent acquisition has definitely increased shares o/s and might result in unexpected expenses this has to be a good prospect particularly as management sure seem to have been very focussed over these past two years.