us eyes cooper, page-17

There are several flaws in your response, compounded by the fact that you believe it is fairly priced, but you hold. Generally, invesgtors make money buying undervalued stocks.

You refer to several methods, but dont outline your calculations, no doubt in the hope we accept your back of the envelope calculations.

You state that despite a constant stream of good news the sp hasnt moved. This flys in the face of your own argument. This constant stream of good news is adding value to the company (but not the SP). Every time we have drilling success and find miore eserves, the company is worth more - thats how it works.

The SP has not reflected this.

You suggest the numerous broking houses have it wrong, but at the same time we should listen to your unsupported thoughts. I dont think so.

I bought in at SXY at an average of about .40 so am happy enough with the gains in the past few years. I continue to hold as I bedlieve it is undervaled and that there is plenty of blue sky over the next 12 months with an intensive drilling program, a potential JV and looming eastcoast gas shortages. In my view, one of the reasons SXY is undervalued is the industry wide sentiment.

This sentiment will shift in time as China, the US and the rest of the world continue to grow.