Ann: December Quarterly Activities Report & Appendix 5B, page-38

Hi jeremy, yes that's correct, strike on the options is 0.004. The thing with options, particularly long dated ones, is that they don't simply trade at their full discount to the heads. This is called "time premium" eg. once the markets sort themselves out, which it will, if BAS was trading at 0.005 then you could expect the options to trade at 0.002-0.003. At 0.009 BAS would still only have a market cap just shy of $30mill - 55% of a field producing up to 1400 barrels per day, with planned upside...significant upside at some point...company's such as BAS have been hit the hardest since Dec/Jan but they also have the biggest upside coming out of this downturn. People lose sight and miss opportunities during these times, concerning yes but it's not the end of the world as the majority seam to think. BAS has the ability to weather the current storm and possibly pick up a new assets/s while cheap, scaling up on the upturn....whether that's 3 months or 6 or 9 is anyone's guess. All in my opinion of course and make sure to reaserch any opportunity you deem worthy....there are a few good opportunities among the current carnage.