Ann: COMPANY FINANCING UPDATE AND ACQUISITION OF , page-12

re: Ann: COMPANY FINANCING UPDATE AND ACQUISI... 5hareholder I will have a look over the calculations. Thanks for letting me know.

Just quickly though comparing Thibodeaux to D&L2 (figures i have on file maybe wrong):

Oil -
D&L2 - 200BOD @ 39.5% =~ 80BOD
Thibodeax - 1400BOD @ 4.75% =~ 70BOD

Gas -

I work on cash flow figures and cant find how much gas is equivalent to a barrel of oil.

D&L2 - 1000MCF @ 39.5% =~ 400MCF
Thibodeax - 30MCF @ 4.75% = 1.5MCF

The only Thibodeaux has by my calcs is longer life:

D&L2 -
16 Years oil
8 Years gas

Thibodeaux -

20 Years Oil
27 Years gas


Cashflows in earlier years are always worth more then you think. D&L2 produces more cashflows faster then Thibodeaux and such by my calcs is slightly less valued by about $3mil.

Again any thoughts would be appreciated.