Ann: Independent Research Report on Austin, page-18

Valuing the company at 30,000 an acre is a bit much. In the last two years acreage has been bought by halcon for 3,000 per acre in east Texas. The highest being 64,000 with 2,000 bod production. Most put the value of east Texas at about 15,000 an acre. Half of what the report says. Don't like these reports, they aren't helpful. As for management being so good. Well they aren't cos they have had to bring in farm in partners who are better drillers in east texas than akk where.

for me if everything went right and went to plan, it never a does. 10 cent is the max, and that's yrs and yrs away