First off as disclosure - i bought about 50K more at 8 cents this AM.  My cost is still higher than I would like.....


Second and more importantly - in my initial quick read, I didn't realize that DEI shareholders would actually receive the CQE shares directly.  Question for the longs but am I the only one who is disappointed by this?  I would prefer DEI just hold the shares themselves.  If that were the case, they could be sold if cash needs required or oppty presented itself.  Sure this deal confirms a higher value today but the key issue still remains - WE NEED CASH to turn the remaining 9 net sections + 325 BOEPD into anything more than it is today.  Do you think the fact that they didn't address this means that a second press release is coming such as a reverse split, additional asset sale or something else?  Maybe they are going to sell it all off in pieces and walk.  Who knows.


To re-iterate value here based on my initial due diligence (pls correct me where I'm wrong as I own ALOT of this piggy now):


10.3MM shares of CQE @ $1.38 current MV = $14.2MM (take note Insider Paul Colborne was buying CQE at 1.50 not long ago and stock was $2 back in Oct).  Approx 325 BOEPD production based on adjustments made from Q4 presentation on website.  Tough to value as we don't know oil/liquids content of FIR but lets say $25,000 per flowing BOE = $8,125,000.  This is a VERY CONSERVATIVE figure right?  Assuming NIL for land value (our JV's with the broke juniors will make any deal tough to negoatiate), we have value of $22,325,000 / 194,000,000 FD shares = 11.5 cents.  As CQE rises, so does DEI.  I still think this is a good buy at 8 cents and was the reason I added this AM.  Its a terrific buy if you think CQE is well positioned.  A move up to $2+ in CQE and my dream of NOT LOSING is close to reality.