Ann: Beach Secures $150 Million Financing Facilit, page-6

re: Ann: Beach Secures $150 Million Financing... I will disclose that the following may be clouded by a biggish holding in DLS but the view has in part been a reason why I have bought so much DLS. I think beach need to secure acreage for the shale, and despite the fact they continue to quote 20 tcf gas in place that figure includes the ICN acreage which we know is in the hands of the courts. A takeover of ADE would give them an additional 1.4-1.6 tcf , but a takeover of DLS would give them 11 tcf , 8 million boe , PEL91 and the biggest holding of CB permits. They also own so many productive assets where beach is the operator and they have 53 million in cash. It would cost about 180 million