Ann: Juanita Well Operations Update, page-90

No doubt that high oil, gas and NGL prices have been a significant factor in the cash at bank.

But BRK were always going to drill the 3 HBP wells. For the 20 month base base and 17 month upper case projected payout periods, the assumed strip price start point was US$55 per barrel oil and US$ 3 per MCF gas.

Jewell came in at the high case so they were expecting, and were planning to have capital returned a year and a half down the track. The fact payout was 1/3 the projected time for Jewell and Rangers has been a huge bonus no doubt. The BRK management been happy to admit to have been lucky with the timing of the oil / gas prices and are delighted, as are us shareholders to bank the windfall.

Can't argue with blaming the management for the market malaise because opinion on that issue is just that, an opinion.