Ann: Chairmans Letter , page-7

After reading the RBS article my opinion has very much changed.

I wasn't much of a fan after reading the letter last night, but now I'm starting to like the sound of it, if the 3P reserves can be 'nearly completely reserved' (at the current time) using 5 EFS wells.

Hopefully we can unleash some good wells in the EFS 3,4 and 5 over the 30 and 60 day production averages.

TXN has much better land than what the EFS 1 and 2 production figures state imo, so hopefully the technical improvements in EFS 3, 4 and 5 can bring some more indicative flow-rates to the table.

Considering the money which will have been spent (by TXN) on CAPEX and OPEX on the first 5 EFS wells of the 5900 acres, we could be getting possibly $120 million-ish if TXN's 3rd, 4th and 5th well can achieve production in line with what I believe they can achieve.

That figure is purely my speculation, but if EFS 3,4 and 5 come good then I definitely think that is a good target price for TXN to sell at.

Bring on these next 2 or 3 production figures, and hopefully we should see the value of our acreage rise substantially with reserves and producing wells!