Ann: Drilling Update , page-4

Tildsly
Without Marcellus/Utica the shareprice would likely be back sub 10c. Fair valuations normally at least 2x a fair shareprice for a smallcap when you take into account running costs/risk etc.

I am interested to find out the liklihood of the Marcellus liquids play being economic and how muchhistorical information was used to come up with their best estimate of 70milbo.

The Utica looks very exciting with Chesapeake already having around $5000 per acre priced in. I am hoping if CHK complete their farmout in the near term we will have a ballpark industry valuation. The depth is similiar and so hopefully is the prospectivity. Even though EEG acreage would likely trade at a significant discount, Every $1000per acre is worth around 50cps to EEG.