Cowboyistan and the Red Queen, page-5

Safer on the sidelines with this one presently Buc. That would change when:

1. When I get an answer to EBITDAX reconciliation to GAAP from SSN CFO and

2. When I get a clearer picture of sustained production. We all know production is going to spike in the coming months and hopefully SSN gets a SP rise along with that, but declines happen quickly and

3. After I am convinced that SSN wont be either in breach of their covenant again (so EBITDAX) and when MOB re-determines SSN BB without a haircut

4. When it is clearer what the oil price range is going to be - as I wrote in previous post a retest of the low could be on the cards based simply on the rate of overall shale decline (as in still growing modestly and declining in H2).

The odds are not in favor of punting in this present climate IMO.

But as always - GLTA holders.