SP value based on IRR, page-17

Value of acreage in Great Bear acreage

• drilling a conventional exploration well (Alkaid-1) targeting a 3D-defined Brookian reservoir target. Results from Alkaid-1 remain 'under evaluation', although we suspect the Alkaid results were positive (the latest Otto Energy deal materials include an option for Otto to participate in acreage including the Alkaid well, valuing the acreage at US$13,706/acre).

At $13k per productive acre =

@ 42% productive of total Acreage (114,240) = value of holdings $1,485,120,000
@70% productive of total Acreage (190400) = value of holdings $2,475,200,000

Both of these are slightly higher value than the current market cap.