Ann: Amendment to Binding Term Sheet with Armour Energy, page-15

Many holders will have been in since the .50c Float, I would like to think that everyone will hold on anticipating the 5 year strategy. Proven board, new region, large acreage and AEP backing. The NEGI decision with East Coast and Northern Region (Darwin to ASIA) export gas demand. Concentrate on the work in progress and forget about the SP, it will look after itself. It is way too early to consider offloading at these macro depressed prices.