Ann: March 2014 Quarterly Report , page-26

Adriano

From the presentation I am confident that MAD have done the seismic analysis and know exactly where the Vicksburg targets are located. This gives MAD the opportunity to release acreage and further reduce costs. There is no loss if there are no economic targets in these acres.

The first Vicksburg target selected Woody is also a test of the drilling capability of MAD for deeper targets and delighted to note it was completed successfully.

No point debating that the upper zones of Blue Ridge are problematic - Yeagar clearly states this.

On balance much relies for Blue Ridge viability in the Vicksburg with the large seismic targets. Still drilling targets is the business of an E&P company.