2009, page-5

The oil price will effect ITC but to what extent I am not sure. At present we are still a minnow and when the quarterly comes out we will see revenues for the quarter not far off we use to earn for a year. This will take time to digest. There is a belief that there will be consolidation in the Cooper while the Oil price is low, so there are many factors that may help ITC's sp in the next 3 months.

Factors:

Quarterly report
Upgrade of reserves of Growler field
Flow testing of G5
Bringing on line of G5
Increasing of tank reserves at sight to increase production above the 950 bopd
seismic evaluation showing the greater G-W-W structure does indeed exist.

plus much more in hte next drilling campaign.

There is lots to like. We don't need cash. We are potentially a target.

I think 4-5c in 3 months.