2015 - per the 10K, page-3

Thanks Rob,

Just for discussion as I deliberately tried to avoid putting an interpretation on some of the contents of the 10K, for example taking points (1) & (3) together is a red flag to me. A multiple of 3.47 was the end result for the year with an average realized price to SSN of $53.33 (ex hedging). The CQ pricing I think I can safely say will be well below that. Costs (LOE) should also come down but as production is declining it may well increase in BOE terms even with reduced service costs - don't know on that.

Have to say I do not follow their "logic" with the Capex Budget and the activity implied in presentations. With G&A at $1.2M per Qtr, that's almost 5 times as much as the annual Capex budget!! The Paradox 3-D seismic - is it or is it not going to be shot and does that occur after the MMDA and is that a trigger to pay $600K for acreage? When is that likely? And the $800K budgeted for HS - has that been spent already in the testing of Bluff?

Without Reserves Replenishment (and this is clearly see in the reduction from 2014 to 2015 as Reserves are being produced) and nothing from Roosevelt, Hawk Springs & South Prairie (yet) and Paradox being an early stage project in a potentially promising area what is the plan.

Hard decisions are going to have to be made soon I think.