Ann: Quarterly Activities Report, page-13

I have been watching bul for sometime. Prisoner of its own success as no close pipeline and arrow has little incentive to help other than wait out bul directors with low ball offer for bul reserves imho.

Bul could drift into 2 cent zone again? if stx or rle get up as both can be producing with min capex and within 6 months of reserves into east coast market. If so, the east coast market strategic presssure will ease but will not be totally solved - if stx or rle get up then this may cause further downward pressure on bul sp - the opposite can be said if stx or rle dont get up imho.

Adl