Ann: Investor Webinar, page-37

I can't see NWE sitting down with major oil companies to cut a deal. With a 20% non-operating share, I can't see how that would work. No doubt that an eventual takeover is the most likely outcome. As for the price, IMO it will be much higher than 7c. Yes, Ian gets performance rights at 7c (but based on a 30 day VWAP, not a take over price). But he gets a third of his performance rights at achieving an independently verified 2C contingentresource that exceeds 1.6 Tcf recoverable gas (gross). I doubt very much the price will be sub 7c when that happens.