Ann: March Investor Presentation , page-69

In many cases I would agree with this statement, WEC being a topical example, cash $100m market cap $50m and falling. In MPO's case I do not agree. Their assets are development plays with a small amount of drilling. Nor do I agree that they are operating cash-flow negative, its not possible to reach that conclusion from the financials presented to date.

What is obvious is that frivolous expenditure has now been curtailed until a strategic approach to value realisation is developed. Am not sure what more can be asked from a company with cash and quality assets than to learn from its mistakes, replace management where necessary and find a better way forward.

Clearly, ones perspective on this stock is significantly influenced by ones entry price...

G'luck