reserves report, page-27

thank you cmon for the feedback from Guy .

Given the "equity investment" column in table 5.5 of the report states $7.6M in 2014 looks like Gustavson are budgeting on another 3 wells during 04 in addition to the initial 3 free carried ones.

The cash flow goes into the negative only $4.8M in table 5.5 yet AKK are looking for $40 M in loan indicating to me the company expects it will be needing finance near term for a far bigger drill program than indicated by table 5.5 .

It is possible the horizontals will pass from AKK's land through to HKs 100% owned land so there may be greater attractiveness for HK than apparent by looking at AKK's leased area.

Not sure how much of a cash cow Birch will be for AKK as it is not untill 2018 it really starts getting a decent cash balance based on table 5.5.

Is the netback of over $60 per barrel partly due to the fact they have all ready accounted for royalties that would be around 25% of revenue?

one good thing is costs in Texas for shale drilling have been tracking down opposite of the mining industry in Australia.

So are you finally a Pierre fan?