Ann: Update - Notification of buy-back - BRK, page-21

I've respected your vast knowledge of the oil and gas industry and your excellent commentary for a lengthy period of time that I've been invested.

However I have to disagree with your comments in this post.

I disagree that the fundamentals of the Company are sound. I did agree that while they were adhering to the plan that they pitched to investors - namely 20 wells in a five year period - the fundamentals were sound.

But. They are not delivering on stated key milestones. For example. Are we ever going to see the magical 'third pillar' materialise?

They are also way behind schedule on their 20-well program.

The buy-back IMO is a disgrace. One minute they are putting out announcements about how they are so far below fair value and then they continue to place bids lower and lower and therefore driving the share price lower. The share price was 1.3 cents immediately prior to the trading halt and subsequent buy-back announcement. They have 'budgeted' $6.5 million to purchase the 500 million shares at 1.3.

They have not once met the market price, instead continually placed bids and waited for sellers to hit their price. How is this tactic meeting the fundamentals of the Company? It is telling potential investors that the management of the Company believe that the share price is worth less than the current price so no one is going to buy at the market price - which is exactly what has occurred since the buy-back commenced.

So - NO. The fundamentals are not good at all. So they have drilled a few wells that are and will continue to decline at a steady rate. With the oil price around $75 I believe we will start to see quarterly reports with diminishing revenue in the not too distant future.

The pending quarterly should provide a short-term boost only because there should be no drilling expenses.

Holders can try and buy now at these low prices in an attempt to average down but how is that showing sound fundamentals?

Sorry Dan, I have to disagree with you on this.

All the best.