out on a limb, page-8

Despite all the pain and anguish from the guys who are going to do their dough on the options this company is in a great position. The registry is relatively contained, the gas field is actually coming online early next year with potentially another two production holes drilled in 2011 and they are debt free. As well they have an income stream of probably about $4m a year from the iron ore for a good 15 years probably commencing in 2012.

This is remarkable given they just travelled through the GFC and probably had every onshore gas producer in the vicinity of the paradox basin subtley suggesting they'd like to see GDN become insolvent and the field picked up for a song.

2011 should be a good year for the GDN army. GDN could be best described as a boutique gas producer with a dash of iron. Price target for 2011 5.5c with spikes to low 7's.