a reminder, page-20

Hi Acreage

In TBs presentation, he uses the big mac model when he talks about the Bakken and the Niobrara which both have similar characteristics. We know SSN have kept the best leases after the sale of part of our land to CHK so if they have had IP rates of up to 1700 BOPD SSN could and should go higher.

All shale plays are very different to develop and its up to companies to be able to work out and discover how to maximise the true potential of each location.

John Lockridge and his knowledge and expertise of the Niobrara is huge to this development with TB and Halliburton, to help unlocking the puzzle of the Hawk Springs Project. With the additional plays from the Permian and Pennsylvanian target levels in the DJ Basin, you cannot help but be excited about our prospects to increase our expected reserves.

Very happy to be holding SSN

GL