MISFIT1 - excellent post. A couple of comments.


Nice pick up on the 50/33% option that PRE holds for Annex. I had forgotten about that. Here is the passage from the MD&A:


(ii) Pacific Rubiales will have the right to participate in the Company's next commitment well on each of the Corentyne PPL (“Corentyne Option”) and the Annex PPL (“Annex Option”) by funding 50% of all costs related to such commitment wells (and in the case of the Annex PPL, by also funding 50% of the seismic program) in exchange for a 33% interest in the applicable PPL. The Corentyne Option was exercisable on or before July 31, 2012 (Pacific Rubiales did not exercise their right on the Corentyne Option) and the Annex Option shall be exercisable on or before the 60th day following Pacific Rubiales being made aware by CGX of receipt by CGX of the renewed Annex PPL.


Seeing as PRE did not pick it up on Corentyne and Annex still requires 3D as per the last news release, it seems unlikely that PRE will pick up this option on Annex. I am banking that this will beall wrapped up in a (hopefully soon to be announced) JV. But I have been wrong many times with this stock.


Second, you stated that PRE owns 25% of the shares but they actually own 35.06% and can go to over 40% with exercise of the warrants. Thus, they can more effectively block any takeover.


Let's see what happens next...