Ann: Chairmans Letter , page-2

"Whilst the EFS audited reserves to Texon at year end 2011 are 11.3 mmboe (an increase of 125% from year end 2010), the overall potential of all of the possible Eagle Ford well locations on the Company’s Eagle Ford leases could amount to some 59 mmboe to the Company’s Working Interest."

hmmmm - sounds to me like John thought the Newell evaluation was conservative.

"As announced in February, the Company has appointed Houston based Albrecht and Associates, Inc. and Brisbane based RBS Morgans, to seek potential buyers for all or part of the Company’s Eagle Ford project. The Company believes that its four (4) Eagle Ford wells have largely de-risked its Eagle Ford leases and that a sale will provide the opportunity for shareholders to benefit from the value of these holdings. Target completion date for a transaction is mid 2012."

And this sounds like John thinks similarly to the way I do about the mismatch between the assets and the market cap.

Target completion "mid 2012". EFS sale or takeover attempt prior? If a takeover is attempted then we'll definately know that the value of the EFS is more than the current market cap + the takeover premium.