Ann: Investor Webinar Presentation, page-11

I think the obvious solution (TMK merger) is the most likely one, given Colby's answers.

What was concerning, however, was he said that a non-operated position often receives a slight discount. If we were to merge with TMK, I'd want it to be on a pro rata basis.

There wasn't much new in the presentation, except a few details about expenditure for L7 and Gurvantes pilot wells (most recorded prior to June 30.)

I don't think it will change peoples' minds one way or another.

The board has decided their position. Don't think they will change it without a shareholder revolt.