500,000 shares @ 0.295 bought at pre-open!, page-27

Hi Tony,
I am not a trader. If I see a good story I buy and hold. The VPE story is very strong. When I bought in I realized there was a big negativity associated with this stock which of course was one of the reasons I got it so cheaply. I have done the waiting and now things are going to change for the better over the next 12 months.

VPE is currently very undervalued. The company presentation last December 2009 valued it at about $1.66 per share. Allowing for the additional shares issued in February following the exercise of options then the value would drop to approx $1.26 per share.

A lot of people dismiss these numbers but if VPE can get the Cooper Oil up and running then it should be able to produce 5000 bbls per day.( see recent ITC AR ). VPE has more than 60% of this oil which equates to $80 million gross revenue per annum . That is a quantum leap for VPE.Of course there are expenses and the problems (e.g. floods ) of maintaining a continuos flow.

And then you have to add on the very valuable CSG resource the numbers on which should be shortly forthcoming from British Gas. The VPE boys have so much CSG experience you can be sure the value will be negotiated fairly. If BG don't want it others will.

On top of all this we have a new man at the helm. Ian Richard Davies. Personally picked by Robert Bryan who would have to be one of the most savvy guys in Australia. He holds significant holdings in both VPE and ITC. It is worth googling his background. He was the guy who employed Richard Cottee...that was some story.

Ian Davies is a mover and a shaker and was 'poached' from QGC. Already he has a planned Brand change organised for VPE. He is acutely aware that there is a lot of negative baggage associated with the name VPE.

Things are about to change. Good luck with your trading. I am holding. Let's hope there aren't too many surprises on October 22nd when Tony Burke makes his CSG environmental statement.