Ann: Reserves Update , page-4

Miningnut, I wouldn't read too much into that. They have been saying the same thing since 2007. It is just their strategy to increase reserves through acquisition as they have done at the end of 2009 and 2010.

Still find it strange that they can talk about commencing drilling but not mention that there is still a moratorium in NY, so even if they find good reserves in Marcellus and Utica shales, they aren't allowed to extract them. Anyone have any idea of where this is at in NY? Is there a chance the ban could be lifted later this year, or perhaps in the next few years? The directors really should be mentioning this in the update in order to not be misleading. Comparisons with PA are useless unless hydro-fracking becomes legal in NY.