Ann: 11.02.01 Coal Strat Update , page-27

Hi Klaas,

I know you are a gentleman so I take your chastisement lightly, its just that you missed a post several weeks ago where I said I sold the heads and kept my oppies. Basically its a "Hail Mary" pass. Put the heads money else where and hope if a miracle happens I can let the oppies leverage return the combined losses, which are big enough to seriously p__s me off but not enough to crater the account. Meanwhile elsewhere better management, better more predictable resource, already with results. I am not vicious and revengeful, I don't have the energy.

My perspective has not changed one bit over the last few months. I bought a top up on the "Oil flow likely". Having been burned, I really watched what happened after that. Surprise was a company maker and I even made my contribution to that view.

Slowly but surely from my own experience I felt I had an insight to the workings of CTP as I lived what happened with Surprise. Then the scales fell from my eyes, I could connect the dots backwards through announcements made before I first bought. (Strange how years earlier ann look once you can filter out the flannel and BS).

I hope that helps, and you understand that only crazy people keep doing the same thing and expect a different result. Something has to change and you know my view. I don't go on about it too often I hope, but as many people have said, they bought into geological risk and acreage and assumed that a visionary putting together so much acreage had the skills to produce.

The difference between me and CamdenBob for example, is I feel I can see where the skills really are and JV-ing and resource commercialisation aren't the same as Land permitting and seismic analysis. I don't see a good drinking buddy as necessarily a good baby-sitter.

I've made my point, and if there is ever good news I'll decide at the time to linger with the oppies, sell 50% or clear out.

My faith in the resource acreage is severely reduced (perhaps tempered is a better word), and the lead in the saddle bag of management compounds the view.