Ann: Who Dat East Well Drilling Update, page-43

I understand when you look at the whole package, you believe they paid too much and the market agrees. The way I think of it is suppose they only paid whatever is appropriate to fund the Who Dat exploration wells? If they are all dusters, of course, they’ve lost all that money, never to be seen again and if they all flow, then happy days and they look like genius gamblers. Then suppose they also pay an appropriate amount to farm into the Who Dat production assets, which will safely generate a share of revenue subject to market forces and operational circumstances etc. Then suppose they do both those things. That’s what KAR did.