Ann: Unsolicited Expression of Interest in Leaseh, page-28

re: Ann: Unsolicited Expression of Interest i... And the other facts that are ignored are:

1. Pioneer already has a number of producing wells in the venture.

2. The deal included 2000 sq mi of seismic data

3. Over 75% of the purchase price was in the form of future drilling costs and NOT cash. Only some $266 million was actual cash on closing.

IMO AZZ would be lucky to get 1/10 of the PXD price per acre.

IMO the words that describe AZZ are: overhyped, over-committed, and under financed.