stx's x'mas present to long-term holders, page-4

I think the spotlight is on both issues, plus the political stalemate in the US over their deficit reduction program. The key theme of 2012 is just how deep the recession will be in Europe, if one eventuates, and how much effect that will have on global trade, especially those of our key trading partners such as China.

As for the CR, I am personally surprised that they are already tapping the market again. They are obviously buying more EFS acreage than what was originally budgeted for in the last CR. I guess the two Cooper wells weren't part of the last CR either. Pricing, that will really depend on the institution support. If they can get Carnegie to support it at around current pricing, we may not see a steep discount. Even at current pricing, it's going to hurt as it is trading at such a discount to fair value. We'll know soon enough.

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