rock hard string, page-51

Good to see the price on the Amex pushed up with support from the 50c level overnight.

Its really frustrating (as per netstocking's post) to hear of yet another operational problem - this is where I get concerned that TB is trying new frac designs as opposed to sticking to the proven formula established by Zavannah. Maybe Zavannah's formula is now out of date, but it is proven and at this point in time given the problems the company has had, I would rather we see results that match those of earlier NS but with a high degree of confidence rather than take more risk to chase higher IPs.

Imo this is a case of getting back to basics and getting the basics right before trying to push the envelope with new techniques.

LWR I think we may be better off to wait & see of Roosevelt deal is closed or not. I think price now reflects that it has fallen through so there is upside if it is closed. The company has enough cash then to see it through to finishing off the current wells and maybe starting Bluff Fed, which will push the SP up. Better to let the current RI lapse and raise cash at a higher price - if possible.

Cheers, Sharks.