Ann: Maverick Continues Acreage Acquisition, page-15

Hi RB thanks for the note. I must say I am agreeing with a lot you have mentioned. Either a leasing a large parcel of quality country or outright purchase of another entity will demonstrate this is a serious business and the share price will respond accordingly. The leasing programme is a great start at the right price.

Whilst there much going on in the oil space I am watching US production. That should start to really drop off as the producers with poor quality assets must give in at these prices. Lets see.

Also my comments re Private Equity relates to Private Equity Funds (LLC or LP's) rather than private groups participating. As I understand they have been approached by Private Equity Funds, which will drop $700M in but want board seats and will drive their agenda. Yep no issue with Private Funds as you mentioned and summarized.

Re the Oil price co relation to our share price, my view is that MAD is an occasional play thing to electronic traders that play the sentiment with a few quick moves. Bloody annoying.

My view is the market will get a surprise within the next 3 or so months when announcements are made. I do maintain my view that funds will be raised in the US in some way outside the ADR programme. It is just the huge amount of capital in the US versus Australia. Oil is in the Texan blood and they have money and the understanding of the Shale opportunity that the Australian market does not.

Cheers all.