Ann: 2014 AGM corporate presentation to sharehold, page-19

re: Ann: 2014 AGM corporate presentation to s... Good question, what are you really getting with MPO?

MPO doesn't have much of a technical team left as evident from the cull in staff.

Previous MPO presentations have stated that Wolfcamp is up for sale and they are not willing to expend any further resource to derisk the asset, so in my opinion they won't get much for it.

The only asset left is Quebec, currently valued at zero. However if they ever do lift the fracking moratorium, there is potentially massive upside. Reading other HC posts I noticed that other companies are evaluating tight gas potential in Quebec, the question begs to ask why hasn't MPO bothered?

So they have $50m cash in the bank and management's plan is to take over some debt ridden Canadian gas producer. There is a reason why those companies are cheap, they are under crushing debt. Short of a rally in the gas price, I can't see how MPO management can add any value in turning these companies around.

I will throw in a crazy idea, MPO management and board should fall on their swords, merge with AKK (merger of equals arrangement to avoid paying a takeover premium) where MPO shareholders get 70% stake and AKK's management and board manage the new entity. The cash would then be used to develop and derisk AKK's two emerging shale oil plays Niobrara and Eagleford.