Ann: 2014 AGM corporate presentation to sharehold, page-17

re: Ann: 2014 AGM corporate presentation to s... The reason why the board and management dump so much money on Wolfcamp and Barnhart is they saw their neighbour/comptitors producing great results. What they failed to realise is there is huge variability in shale geology, you may have a sweetspot 10Kms away but then have dud well near an adjacent area.

An amateur mistake, the board and management may have conventional O&G experience, but their action and decisions indicate they didn't have solid shale/unconventional O&G experience.

I estimate that the decision to drill so many wells in Wolfcamp and Barnhart and to buyout their JV partner when they knew so little about their accreage cost MPO shareholders over $100m. A complete train wreck.