Ann: Goldman Sachs retained to seek buyers for Co, page-63

re: Ann: Goldman Sachs retained to seek buyer... 50 cents - you have got to be joking.

Goldman Sachs would not even bother with such a small cap deal. They work on a percentage of the deal and do not work for peanuts.

Doug Martin, a very experienced oil & gas man, was happy to accept $1.50 options, admittedly before the downturn, but he only gets money on the margin above $1.50

GS have started the sale process, so we can expect the IRR soon. Pattersons valued mae at $1.49 based on 319 bcf, the market presently values mae at 29cents. If the reserves double, I presume Pattersons would double their valuation, the market might then put us at 58cents, still at a massive discount to valuations.

The IRR can't be too far away, the company has bitten the bullet and decided to complete the IRR based on their present flows. I know deadlines have been missed before, but GS are running the show now. I expect a big rerating when the IRR comes out, marion are slow to deliver but have a habit of surprising on the upside, eg the last resource potential report.

The next few weeks will be interesting.