Ann: L7 Booth Results, page-39

WOW... this was handled poorly. What a poor announcement (not just the duster... but the way it was presented)

Shouldn't have opened this morning - it should have been in TH... allowed 20m shares to be dumped in the first hour (thats a pretty high volume traded in an hour considering normal day trade is 20-40m in a whole day with bigger price movements)... and left a whole bunch of buyers holding the bag under questionable circumstances.

Going into TH would have given them time to issue a better statement with more info and maybe not had as drastic an effect on share holder sentiment and price.

The price has been (rightly & also unfortunately) smashed due to this anger and poor sentiment and questions about insider trading (again!). IMHO it is overdone. At time of writing this we have a MC of $13.5m... about $9.5m cash (pre-spud) giving us an EV of around $4m (not sure what this drill cost us). We have another drill in a different prospect in a few months. But more in importantly we have up to $16m from Cliff Head starting to come in in a few months (at least $8.5m in the first 2 stages). And we also have our holdings in GAS.

By my calculations, with a MC of $13.5m right now... we are priced below our cash and asset valuations right now.