voyager oil & gas to acquire emerald oil, page-25

Hi Chand,

TB behaviour throughout 2012 has me puzzled. Have been in SSN for a few years. Originally enjoyed TB/SSN news releases. However, since recent drilling program and CHK sale TB style has markedly changed. Of all the years investing in oilers I have NEVER had a press release without nentioning OIL - yet TB managed just that. Why?

LTIP fiasco (IMO) really brought TB down to our level - just plain greedy but unfortunately (for us) - it would have been at our expense. Compounded with falling sp and markets collapsing, then so did my opinion of TB.

VIX indicator on TB's reporting of drills is hot and cold, interspersed with confidentiality listing? WHY? We have pay zones but no pay???

As shareholders we are hurting. In hindsight, perhaps those who jumped may have been right - at least for their investment strategy.

So where to from here.

SSN is scheduled for next Enercon (Aug 2012) and TB/SSN need some REAL good news. The last presentation was dismal and sp suffered accordingly. IMO SSN was on radar for potential acquisition or JV but recent poor SSN performance in field has turned focus away from SSN.

In conclusion, TB/SSN is burning through cash. If next announcement (before Enercon) does not report improved flow rates, then I think TB should prepare to announce a major JV with expertise to appropriately exploit identified pay zones.

MS