Ann: Chairman & CEO AGM Address, page-16

Re:- "Trust".
From Chairman's Address. Believe it or not. THAT is the question!!

"In North America alone, this has forced more than 175 oil and gas companies to file for bankruptcy, with more than 300,000 jobs lost as a result. The cause of these widespread industry bankruptcies has largely been due to high levels of debt that could not be furnished at lower oil prices, causing companies to default on their debt covenants.
Austin has been deliberately aggressive in its response to this downturn and made the decision to eliminate all debt, thereby placing the Company in the soundest financial position possible. As a small and emerging oil and gas company, being able to navigate your way through a severe downturn in the sector takes a completely different way of thinking about how you manage and operate your business it cannot just be business as usual, or you simply will not survive. Accordingly, the Company implemented several programs with a core focus on driving down costs across all facets of the business. These programs have been designed to make the Company’s projects in Colorado and Kentucky economic in a lower oil and gas price environment, namely: 1