I do belive that the landscape for Psa will look very...

I do belive that the landscape for Psa will look very differently in 12m time. I think the mix of projects will have changed so it is hard to gauge prices.

I can see a mix of Marathon-if they still own-shale production,GOM deep water plays drilled and 1 or 2 others not discussed or disclosed yet. The new directors are not time servers but will bring deals and geo expertise.

Psa had to get through post GFC/oil spill period as in tact as possible. Now they will use the Marathon foundation to spread some wings. It is the cap I look at and at 235m shares there is scope even if they issue shares to buy into production.

I will not take anything off the table until they are at fair value for both cash,prod,reserves and prospects.They need to earn back EV and over time their deals and drilling will do that.I repeat TF has done it before and in some ways this is his last go at it and thus he will benefit the most.I like that very much.Too early to put a target on it but way north of today but it will take time.