report values salinas at 80c, page-4

thanks guys,

Argonaut are handling the share buy back for the co, and so you have to believe have pretty good information. They are assuming a production curve for NSA which settles down at around 1,200 bpd then declines from 2010 to 2012 to about 800 bpd, at which point they start steaming to bring it back up to 1,000 bpd, which all seems very reasonable and probably a bit conservative. The NAV is the critical valuation number for now, and so the stock is way cheap. We should start to see some news flow on additional projects soon, and I think that will get things moving. Cash flow is very strong and I think this will also draw attention to the stock as monthly figures are released.