Ann: Board restructure, page-11

I agree with you @crayfish, but while MEC sits like a wood-duck on a still pond going nowhere, other investors like BPH are increasing their interest in PEP11 by investing more in Advent Energy. As other investors come in, our interest in PEP11 is eroded away to the point where we will have lost more of the value of our interest in PEP11 than what we would stand to pay in tax on our future PEP11 profits outside MEC.

Unfortunately MEC bit off their nose to spite their face in trying to take control of Advent Energy. They made several critical errors including forcing David Breeze from MEC, trying to control Advent without any right to do so, bring in JV partners to give away 60% of Advent Energy for 3D seismic, then withheld vital information from retail shareholders about the financing and future direction of the company. They have already seen to the destruction of some of our interest in PEP11 by doing nothing but continuing to fight with David Breeze without reason or compunction.

If there is no opportunity for us to invest further in PEP11 via MEC through future CRs and investment in Advent Energy, then we are definitely better off with an in-specie distribution. However, I am hopeful that David Breeze has other things in mind for the future of MEC and its connection with PEP11. I believe it all hinges around whether or not Advent Energy is to go to IPO or not. Only David knows.